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Telstra set to scoop up Adam Internet for $50 million

Telstra make their first major retail acquisition, to purchase Adam Internet

By Anthony Garreffa from Oct 23, 2012 @ 22:46 CDT

In a surprising move, Telstra have reportedly just purchased Adelaide-based Adam Internet in a deal that could be worth $50 million. The telco announced this morning that they had entered into an agreement to acquire the Adelaide-based ISP, but didn't disclose the exact amount of money on the table.

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Adam Internet currently employ 200 staff and have over 80,000 customers, who should be all unaffected by the deal. Adam Internet would continue to operate as a stand-alone subsidiary of Telstra. Adam Internet's executive chairman, Greg Hicks, will stay on as a consultant to the company for twelve months if the deal goes through. Hicks said that Adam and Telstra "shared customer service philosophy was a pivotal reason behind today's announcement". He adds:

This agreement will help cement a strong future for the Adam brand, our people, and our customers and represent the next stage of Adam's growth. Adam will continue to provide excellent value-for-money broadband that doesn't compromise on service. The message for potential new customers is that, with Telstra behind it, Adam will be expanding nationally.

NEWS SOURCES:Couriermail.com.au


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