M2 buys NZ's Call Plus

M2's purchase of New Zealand's number three broadband and fixed voice provider ticks a lot of boxes and the price looks cheap.

In yesterday’s feature Protect yourself from M&A disaster, James Greenhalgh pointed to some of the ploys management uses to justify acquisitions: ‘earnings accretion’ by buying a lower-priced business, especially when funded by debt, and helped along by the realisation of synergies.

All of this is on show in M2 Group’s deal to buy Call Plus, New Zealand’s third largest provider of broadband and fixed voice services, for NZ$250m (A$245m) – although less of the synergies given the business’s location across the Tasman.

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