iiNet shareholders today overwhelmingly approved the acquisition of AAPT's consumer devision at iiNet's Extraordinary General Meeting held today.
iiNet's CEO, Michael Malone said that "the overwhelming support from iiNet shareholders is a reflection of the compelling strategic rationale for the acquisition and confidence in the company." "iiNet will become the clear leading challenger brand in the Australian telecommunications market following the acquisition of AAPT's Consumer Division, iiNet will have more than 1.3 million customer services, including in excess of 650,000 DSL subscribers, the second largest in Australia."
He also added "In addition, we will have over 2,000 staff across four countries dedicated to maintaining the Company's high quality customer service. iiNet's significant scale position, combined with our ever growing suite of cool products, well known brands and market leading service levels uniquely positions the company for continued growth in the changing industry landscape."
iiNet shareholders now having approved the acquisition, completion of the acquisition will occur on September 30, 2010. The acquisition has been entirely funded from cash on hand and the extension of existing debt facilities.
This move should push iiNet into Australia's second biggest ISP position.