By David Winning
SYDNEY–Aussie Broadband said it is offering to acquire Superloop in an all-stock transaction valuing the telecoms company at 466.7 million Australian dollars (US$306.3 million).
Aussie Broadband said it is offering 0.21 of its own stock for each Superloop share, which implies a total value of A$0.95/share for Superloop. It has already acquired a 19.9% relevant interest in Superloop, which ended last week at A$0.875.
“Aussie Broadband believes there is compelling strategic rationale for the merger with Superloop,” it said in a regulatory filing.
A deal would create “a scale player in Australia providing broadband access services exceeding 1 million subscribers, with greater reach and network infrastructure, along with brands in Aussie Broadband, Superloop and Exetel,” Aussie Broadband said.
Aussie Broadband said its proposal is conditional on due diligence and unanimous support by Superloop directors.
Write to David Winning at david.winning@wsj.com
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