Superloop makes acquisition

Company News

Superloop Limited (ASX:SLC) has announced it is set to acquire CINENET Systems Pty Limited, for a total consideration of $3 million.
 
Superloop CEO Daniel Abrahams said the acquisition of the broadcast media network provides Superloop with the opportunity to quickly expand its network capabilities and establishes an international gateway for the telecommunications infrastructure group. 
 
CINENET will continue to operate in Australia as a brand within the Superloop group.
 
The transaction is expected to complete on 30 November 2015 and will be funded via $1.5 million in cash from existing cash reserves and $1.5 million in Superloop scrip. 
 
Superloop recorded a net loss of 1.19 million at 30 June 2015.

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