BSA Limited (ASX: BSA), an Australian-owned and operated ASX-listed company with over 25 years’ experience delivering fixed-line and wireless Telco services, smart metering services, and premium EV charging solutions, has announced it is in advanced discussions to acquire 100% of Eonetics Pty Ltd. Eonetics is an Australian-developed aerial infrastructure technology business, offering proprietary tethered-drone, software, and remote infrastructure capabilities across telecommunications, defence-adjacent, emergency response, public safety, and AI-enabled infrastructure applications. This proposed acquisition aims to significantly expand BSA’s service offerings and market reach.
The acquisition is set to combine BSA’s national infrastructure services platform and workforce with Eonetics’ specialised aerial and remote infrastructure technology. This synergy is expected to broaden BSA’s capabilities in inspection, surveillance, and connectivity solutions, while also expanding its access to Tier 1 and Tier 2 telecommunications customers and fostering new recurring revenue streams. BSA anticipates creating growth opportunities by cross-selling complementary services across both businesses’ customer bases and leveraging its national field workforce to accelerate the deployment of Eonetics’ technology solutions.
Under the terms, consideration for the proposed acquisition comprises 50 million fully paid ordinary BSA shares, 24.5 million unlisted options, and 30 million performance shares. The performance shares are set to convert to BSA ordinary shares upon Eonetics achieving aggregate sales revenue milestones of $5 million, $7.5 million, and $10 million between January 2027 and December 2029. Importantly, no capital raising is proposed in connection with the transaction, with BSA maintaining a strong balance sheet with approximately $16.8 million in cash as of 30 June 2026. The completion of the acquisition remains subject to customary conditions, including confirmatory legal due diligence, required regulatory and shareholder approvals, and notably, the execution of the Share Purchase Agreement by CCGF Ventures-FZCO. Shareholders will also be asked to approve an amendment to BSA’s constitution to create the new class of performance shares. Completion is anticipated shortly after the upcoming 2026 annual general meeting.
