InvestSMART

Trading halt in iiNet while deal finalised

PERTH-BASED iiNet went into a trading halt yesterday following reports it was finalising the purchase of TransACT in Canberra.

PERTH-BASED iiNet went into a trading halt yesterday following reports it was finalising the purchase of TransACT in Canberra.

TransACT owns a hybrid-fibre network in the capital territory that services about 155,000 customers and 50 government departments and had revenues of about $100 million, according to its website.

It is privately owned by a conglomerate of power companies, investment and superannuation funds, and Prime Television.

The halt was due to be lifted by tomorrow morning or when an announcement was made.

Shares in iiNet, which enjoys about a third of Australia's fixed broadband market, closed 5? lower at $2.36 yesterday.


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