M2 Telecommunications Group Limited
(ASX:MTU) has inked a deal to buy Time Group’s assets for a value of up to $18.35 million.
The diversified telecommunication services provider will gain up to 30,000 customers from the assets which include customer contracts and related records.
M2 says it will fund the purchase by a combination of its working capital and a debt facility.
M2 CEO Geoff Horth says the acquisition will contribute to earnings for the 2013 financial year and were bought for less than three times annual EBITDA.
In the 2011 financial year M2 reported a net profit of $27.6 million.
