Swoop to acquire Beam Internet for $6.7 million

Swoop to acquire Beam Internet for $6.7 million 1

SYDNEY, AUSTRALIA: Swoop Holdings Limited has agreed to acquire Beam Internet, the largest privately owned fixed wireless network in regional South Australia, for a total enterprise value of $7.2 million, a news release said.

Beam Internet offers fast and affordable high speed Wireless Broadband on its own network of over 60 towers and masts and has more than 3,600on-netresidential and SME services in operation.

The Beam network covers the Fleurieu Peninsula, Barossa, Kangaroo Island, Mid North, Murray Bridge and South East regions in South Australia, and also parts of the West Victoria and Mallee regions in regional Victoria.

Swoop CEO, Alex West stated, “Acquiring Beam is another fantastic opportunity for Swoop to expand our infrastructure coverage into regions we do not have infrastructure. Beam has a recently upgraded and well-built modern network which aligns with our own national network and gives us a strong springboard for growth into the SA market.

We look forward to the opportunities this acquisition provides in establishing a South Australian presence for the Swoop brand”.

Bonitz Advisory is acting as Swoop’s M&A adviser on this transaction, Maddocks is acting as legal adviser and PKF as tax adviser.

Purchase price of $6.7 million on a cash free debt free basis comprises $6.0 million in cash and $700,000 in Swoop shares. Under the agreement, $1.3m of the cash consideration will be held back for 12 months for any potential claims or adjustments.

Swoop Holdings Ltd share price

0.97 AUD+0.070 (7.78%)today

12 Jul, 4:10 pm GMT+10 ·Disclaimer


Leave a Reply

Your email address will not be published. Required fields are marked *