The stock exchange have posted iiNet’s statement on their takeover of local telco TransACT.
They’re paying $60 million in cash, with the senior management team to remain.
Core bundling with ActewAGL is prominently mentioned, so expect that to continue.
The deal is to be finalised on 30 November 2011.
UPDATE: TransACT’s media statement is now online.
“We’re delighted to join iiNet, an experienced and successful player in the telecommunications industry. We see this as very positive news for our customers and we are looking forward to exploring the benefits that will most certainly flow as our two businesses join together,” Ivan Slavich, TransACT Chief Executive Officer said.
Michael Malone, iiNet’s Chief Executive Officer said the acquisition of TransACT represented an opportunity to quickly build presence in key growth markets.
“This acquisition will deliver significant network assets, while increasing iiNet’s presence in the ACT and regional Victoria. This move will also accelerate our penetration into the small business, corporate and government sectors, a key strategic focus for us,” Mr Malone said.
Mr Slavich went on to say that the agreement was a good fit for both companies.
“We have much in common with iiNet. We both started small, challenged the bigger guys and built quality networks to even out the playing field. Our mutual success is built on the back of quality products and services and a commitment to customer service excellence, which is the envy of our competitors,” Mr Slavich said.
“TransACT began as an off-shoot business of Actew more than ten years ago and has made its mark as an innovative and visionary business. TransACT led the industry, rolling out Fibre-To-The-Premise broadband and we’ve continued to grow in the residential, business and corporate, and government markets.
“Our unique services set us apart from competitors, from our utility Bundle offering to our Pay TV service, data centres and managed services,” Mr Slavich concluded.
The ownership of the business has changed, but the services TransACT provides to customers, their current agreements, and the quality of customer care from TransACT’s experienced staff will continue.