SYDNEY, AUSTRALIA: Swoop Holdings Limited has agreed to acquire the dark fibre network assets and customers of iFibre Pty Ltd for a purchase price of $1.5 million payable in cash with $1.2 million paid on completion and $300,000 of the purchase price withheld for a period of 6 months for any potential claims and adjustments.

The acquisition is subject to customary conditions precedent including obtaining consents to change of control for customer contracts. Completion of the acquisition is expected to occur on 31 January 2022 or on the later satisfaction (or waiver) of the conditions precedent.

Swoop CEO, Alex West stated, “Acquiring iFibre’s dark fibre network is a great opportunity to commence our investment in dark fibre. The 34km network covers the major interconnection points, data centres as well as the CBD of Adelaide. Predominantly built in its own ducts and with low utilisation, the acquisition represent significant value compared to us beginning an organic build.

Having previously been responsible for fibre operations at Vocus, we know both the technical and business aspects of dark fibre incredibly well. Myself and the team are excited to be entering this market again with a network that is immediately ready for sale by our teams”.

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

Swoop is a national provider of fixed wireless internet services to wholesale, business and residential customers. The Swoop network is designed and scaled to deliver ultra-reliable, high throughput, flexible telecom network services.

Swoop is established and has the goal to build its business to become Australia’s best challenger internet and telecommunications provider.