iiNet Ltd
(ASX:IIN) is looking at more acquisitions and is aiming to secure 15 per cent of the overall fixed broadband market, according to The Australia.
Last week iiNet’s shareholders approved the internet service provider’s $60 million purchase of AAPT’s consumer division.
The Australian reports iiNet’s CEO Michael Malone predicts increased consolidation in the next 12 months, and remains certain it can raise funds for more purchases, adding to the $200 million already spent on acquisitions in the last year and a half.
iiNet’s latest AAPT gain will boost its customer base to 1.3 million. Mr Malone says in the report that he expects the next year to be tough with increased competition from Telstra Corporation Ltd’s (ASX:TLS) $1 billion investment into the market.
iiNet posted a profit of $34.55 million in the 2010 financial year.
