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Telstra pull out on their plans to acquire Adam Internet

Adam Internet have been left out in the cold after Telstra abandon their acquisition plans of the SA-based ISP

| Business, Financial & Legal News | Posted: Jul 23, 2013 2:42 am

We reported back in October of last year that Telstra were to acquire SA-based ISP, Adam Internet. Well, it looks like the buyout has been vetoed after the parties failed yet again to receive approval from the Australian Competition and Consumer Commission (ACCC).

 

TweakTown image news/3/1/31869_01_telstra_pull_out_on_their_plans_to_acquire_adam_internet.jpg

 

The ACCC had been working toward making a decision on the acquisition by February 7, but Telstra asked for a suspension of the request for two weeks. iiNet, Macquirie Telecom and Vodafone Hutchinson Australia had been on the ACCC's back to reject the buyout. Telstra's chief customer service officer, Gordon Ballantyne, has said that "in the end, [Telstra] had not been able to secure approval from the ACCC by the contractual end date."

 

He added: "we are very disappointed by this outcome." Adam Internet's Executive Chairman, Greg Hicks, has called the situation "unfortunate". Hicks continued: "[We are] disappointed this important condition precedent could not be achieved in a commercially acceptable time frame, and therefore we will no longer be proceeding."

 

This will most likely affect the future of Adam Internet with the NBN slowly extending its tentacles across the country as I type.

NEWS SOURCES:Itnews.com.au

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