Australian telecom firm BigAir to add Anittel Communications in $6.5M deal
Australian wireless broadband company BigAir Group Ltd plans to purchase Anittel Communications Pty Ltd (ACPL) from MSPmentor 501 firm Anittel Group Ltd. The proposed deal is valued at $6.5 million in cash, according to MSPmentor.
Both firms said the transaction will allow ACPL to operate as BigAir Group's wholly-owned subsidiary. Under the terms of the proposed purchase, Anittel will continue to operate its hosted collaboration and IT services businesses. However, the latter will sign a reseller agreement with BigAir for its communication offerings, the report detailed.
In a statement, BigAir Chief Executive Officer Jason Ashton said of the deal: "The strength of BigAir's balance sheet and cash flows has allowed BigAir to fully debt fund this acquisition. Given the substantial network overlap there are opportunities to generate network synergies, with the acquisition immediately earnings per share accretive for BigAir shareholders."
Both firms expect the acquisition to be concluded on or before the end of January, MSPmentor reported.