Saturday, 04 December 2021 10:25

Aussie Broadband proposes to acquire Over the Wire in a recommended transaction Featured

By
Aussie Broadband Managing Director Phillip Britt Aussie Broadband Managing Director Phillip Britt

Aussie Broadband Limited (ABB) announced that it has entered into a Scheme Implementation Deed with Over the Wire Limited (OTW) under which ABB has agreed to acquire all of the issued shares in OTW by way of a scheme of arrangement (Scheme or Proposal).

The Scheme has been unanimously recommended by the Board of OTW and each OTW director intends to cause any OTW shares which they own or control to be voted in favour of the Scheme, subject to an independent expert concluding that the Scheme is in the best interests of OTW shareholders and in the absence of a superior proposal, the companies said.

ABB co-founder and managing director Phillip Britt, said the company is thrilled to reach this milestone. “We believe Over the Wire is a great match to complement our current range of services. It’s a high quality business in a large and growing segment of the Australian telecommunications market.

“After several weeks of getting to know the company’s senior team, we very much look forward to welcoming OTW to the Aussie Broadband family”.

OTW Chair, Stephe Wilks said “We admire the Aussie Broadband business’ strong ambitions and proven execution, and we are excited about the compelling customer propositions that OTW and ABB can bring to market together”.

Having co-founded the business in 2005, OTW managing director and group CEO Michael Omeros said “This is an exciting next step in the OTW journey, and I am very proud of what the OTW team has built over the years which is reflected in this compelling proposal for the company”.

It is anticipated that the Scheme will be completed in the first quarter of calendar year 2022, ABB says.

Details of the scheme are available via the ASX here and a presentation on the proposal is here.

This first appeared in the subscription newsletter CommsWire on 2 December 2021.


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Chris Coughlan

A versatile technology executive with extensive experience in most disciplines and technologies in the Information and Communications Technologies sector. Roles have encompassed general management, product management, business development, sales management, industry marketing, operations management, research and development, business case development, market research and forecasting, regulatory, strategy management, solution development, major project construction, process design and management, technology and management consulting, and engineering.

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