SYDNEY, AUSTRALIA: Swoop has entered into a conditional agreement to acquire Sydney based dark fibre provider Luminet in a $8 million deal, comprising $6.4 million in cash and $1.6 million in Swoop shares.
The acquisition will be funded from existing cash reserves and is expected to
complete on 28 February 2022.
The assets consist of 58km of dark fibre in the Sydney CBD and outer metro areas, connecting key data centres and Hyperscale facilities.
Swoop CEO, Alex West stated, “Acquiring Luminet’s dark fibre network is a great fast track for our investment in dark fibre. The 58km network covers many of Sydney’s most important interconnection points, data centres as well as Hyperscale facilities.
Like our previous fibre acquisition it is predominantly built in its own ducts, and with significantly larger fibre core counts presenting great opportunities for growth.
As we saw from Vocus we started the fibre journey with roughly the same amount of cable on some of the same key routes that saw us grow into one of the largest fibre infrastructure providers in Australia.
We are excited to bring together this asset along with one of Australia’s largest fixed wireless networks to continue to offer great solutions to our growing customer base.”
Swoop Chairman, James Spenceley said, “It is very exciting to be building on our recently announced investment into fibre assets again.
At Vocus, we tried on multiple occasions to purchase the Luminet fibre network as it had both unique and independent duct access between many of Sydney major data centres coupled with one of the highest core counts connecting those data centres.
Sydney dark fibre is in high demand and is an important product in the market and the Swoop team is very excited to be entering this market again”.
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 data and voice services to wholesale, business and residential customers with a focus on its own fibre and fixed wireless infrastructure.