iiNet Halted As It Moves To Expand ISP Operation

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Perth-based ISP iiNet called a halt in trading in its shares on the ASX yesterday after several newspapers, including The Australian Financial Review and The Australian, claimed the company was in the final stage of negotiations to buy privately-owned Canberra based telco and ISP TransACT.

 Perth-based ISP iiNet called a halt in trading in its shares on the ASX yesterday after several newspapers, including The Australian Financial Review and The Australian, claimed the company was in the final stage of negotiations to buy privately-owned Canberra based telco and ISP TransACT.

The proposed deal could be worth between $60 million and $80 million, according to the Oz, which claimed that financial terms had been agreed and iiNet was working on due diligence matters.

It quoted “sources close to the deal” as saying iiNet will use the acquisition to diversify its business into the government and corporate sectors. TransACT is said to have about 5000 corporate customers on its network and to have around $100 million a year in revenue.

IiNet would absorb TransACT’s 300 employees, its more than 80,000 customers – which include more than 50 federal and state government agencies – and TransACT’s “substantial” FttP fibre assets in Canberra. It would also inherit subscription TV and video-on-demand services.

The WA-based ISP last year bought AAPT’s customer base for $60 million.

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