M2 Telecommunications started off the week with a hefty acquisition of internet service providers Dodo and EFTel in a deal worth $248 million. M2 confirmed the deal, ending speculation from last week, announcing to the ASX that they would acquire Dodo and make an off-market takeover offer for EFTel.

M2 has valued Dodo at $203.9 million, and EFTel at $44.1 million with the offer price for EFTel being $0.3581 per share with cash or scrip considering alternatives. M2 will fund the purchase with a $400 million loan and the issuance of 19.2 million ordinary shares to Dodo and EFTel shareholders. M2 have said they expect the acquisitions to contribute over $400 million in revenue, and $50 million in earnings for the 2014 financial year, as well as providing a mid-June 2013 timeframe to complete the deal.