iiNet snaps up Adam Internet
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iiNet will pay $60 million cash for South Australian budget Internet services provider, Adam Internet, less than two weeks after Telstra pulled its bid to acquire the group.
iiNet will pick up about 70,000 broadband subscribers, located mainly in South Australia and the Northern Territory, under the deal.
Last month, Telstra withdrew its $60 million bid, announced last October, after it failed to get the green light from the Australian Competition and Consumer Commission.
Today's deal has been cleared by the ACCC.
It will push iiNet’s customer base to over 900,000 broadband subscribers and add South Australian business and government clients that consume data-centre, hosting and cloud services.
iiNet expected the company to deliver revenue in the current year of $55 and EBITDA of $11.5 million.
iiNet’s chief executive officer, Michael Malone, said the acquisition reinforced the company’s position as Australia's second-largest DSL internet service provider and the "leading challenger in the telecommunications market".
iiNet will release its 2012-13 financial results on 21 August.
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