Tuesday, 11 January 2022 12:03

Swoop acquires iFibre's dark fibre network and customers Featured

By
Swoop CEO Alex West Swoop CEO Alex West

Fixed wireless and wholesale network infrastructure provider Swoop Holdings has agreed to acquire the dark fibre network assets and customers of Adelaide-based iFibre.

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.


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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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