30 August 2013: iiNet Limited (ASX: IIN) is pleased to announce that it has completed the acquisition of Adam Internet Holding Pty Ltd (Adam Internet) and associated companies today.
The purchase of Adam Internet was announced on 5 August 2013 for consideration of $60 million. Completion was subject to a number of administrative conditions that have now been satisfied.
Based in Adelaide, Adam Internet has approximately 70,000 broadband subscribers located primarily in South Australia and the Northern Territory and a state of the art Data Centre.
iiNet Chief Executive Officer, Michael Malone, said the acquisition reinforces the company’s position as Australia’s second largest DSL Internet Service Provider and the leading challenger brand in the Australian telecommunications market.
“Adam Internet has a loyal customer base and strong reputation in its core market. This acquisition further builds on our strategy to grow scale in the national residential and business broadband segments. iiNet now has over 900,000 broadband customers receiving industry leading service levels and our market leading products,” said Mr Malone.
The acquisition has been funded with cash from iiNet’s existing bank facility.
iiNet's ASX announcement is available to view here.