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Canberra Today 16°/19° | Friday, March 29, 2024 | Digital Edition | Crossword & Sudoku

TransACT sold for $60 million

Ivan Slavich
Ivan Slavich..."Positive news for our customers."

TransACT has confirmed it is to  be sold, with suitor iiNet entering into a binding agreement to acquire the ACT telco for $60 million.

It is expected that the sale will be completed by November 30.

“We see this as very positive news for our customers and we are looking forward to exploring the benefits that will most certainly flow as our two businesses join together,” said Ivan Slavich, TransACT CEO.

“We have much in common with iiNet. We both started small, challenged the bigger guys and built quality networks to even out the playing field.

“Our unique services set us apart from competitors, from our utility bundle offering to our pay TV service, data centres and managed services.”

“TransACT began as an off-shoot business of Actew more than 10 years ago and has made its mark as an innovative and visionary business. TransACT led the industry, rolling out fibre-to-the-premise broadband and we’ve continued to grow in the residential, business and corporate, and government markets.”

Michael Malone, iiNet’s CEO, said the acquisition represented an opportunity to quickly build presence in key growth markets.

“This acquisition will deliver significant network assets, while increasing iiNet’s presence in the ACT and regional Victoria. This move will also accelerate our penetration into the small business, corporate and government sectors, a key strategic focus for us,” he said.

 

 

 

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