Australian alternative broadband provider iiNet has confirmed that it has completed the acquisition of Adam Internet and its associated companies. In a filing made with the Australian Stock Exchange the operator noted that, with completion of the deal having been subject to ‘a number of administrative conditions’, these had now been satisfied.
As previously reported by CommsUpdate, with a bid by fixed line incumbent Telstra to buy Adam Internet having fallen through in July 2013, just a few weeks later iiNet confirmed it would purchase the company for AUD60 million (USD53.4 million) cash consideration. At the time of announcing the deal, iiNet noted that the Australian Competition and Consumer Commission (ACCC) had already cleared the transaction.
Adam Internet has approximately 70,000 broadband subscribers, most of which are located in South Australia and the Northern Territory, and with the deal now complete iiNet CEO Michael Malone said of its expected benefits: ‘Adam Internet has a loyal customer base and strong reputation in its core market. This acquisition further builds on our strategy to grow scale in the national residential and business broadband segments.’