iiNet have just made their acquisition of Canberra-based TransACT official. The deal included iiNet scooping up the company for $60 million, and TransACT happy with the deal as they were reportedly keen to sell because of the impending rollout of the National Broadband Network (NBN).
iiNet CEO Michael Malone was quoted:
iiNet's acquisition of TransACT represents an attractive strategic opportunity to build scale in the ACT market quickly and efficiently. In particular, TransACT's experienced and passionate management team will allow iiNet to grow its presence in the SME, corporate and government market segments, a key growth area for the Company. We are also excited about the strong existing relationship between TransACT and ActewAGL, the leading utility provider in the region, and the resulting growth opportunities for both companies.