5GN (ASX:5GN) set for $3 million Intergrid deal

Company News

by Rachael Jones

5GN (ASX:5GN) has entered into an agreement to acquire 100 per cent of Intergrid Group Pty Ltd, a leading dedicated cloud provider.

It’s a bare metal cloud, that’s when a computer executing instructions directly on logic hardware without an intervening operating system.

The purchase price is $3 million, representing 4 times normalised EBITDA; payable $2.5M in cash and $0.5 million in 5GN shares.

The Intergrid cloud supports high-speed streaming to households, power Ag-Tech Internet of Things devices on farms, support critical government applications and everything in between.

Shares in 5GN (ASX:5GN) are trading 4.4 per cent higher at $1.29.