The $1.5 million deal involves 34km of fibre in the Adelaide CBD and outer metro areas, connecting key data centres and commercial buildings from Hallet Cove shopping centre in the south to Westfield Marion, Adelaide CBD and Mitcham.
$1.2m will be paid on completion (which is expected to occur on 31 January 2022), with the remaining $300,000 withheld for a period of six months to allow for any potential claims and adjustments.
The transaction is being funded from Swoop's existing cash reserves.
"Acquiring iFibre's dark fibre network is a great opportunity to commence our investment in this space. The 34km network covers the major interconnection points, data centres as well as the CBD of Adelaide," said Swoop CEO Alex West.
"Predominantly built in its own ducts and with low utilisation, the acquisition represents significant value for Swoop, 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. The team and I are excited to be entering this market again with a network that is immediately ready for sale by our teams."
This is Swoop's seventh acquisition since it listed on the ASX in May 2021.