iiNet Limited
(ASX:IIN) will acquire South Australian internet service provider Adam Internet for $60 million.
Adam has approximately 70 thousand broadband subscribers primarily across South Australia and Northern Territory and will help grow iiNet’s total customer base to over 900m thousand.
The acquisition will also add a range of South Australian business and government clients, as well as expected revenues of $55 million in the current financial year.
The ACCC has already cleared the transaction, which now remains subject to a number of other standard conditions, expected to be finalised by August 31.
Adam Internet was the subject of a recently abandoned acquisition bid by Telstra.
iiNet generated a net profit of $31.93 million in the first half of the 2013 financial year.
