Business, Technology

Melbourne IT to purchase Netregistry in AU$50.4m deal

Melbourne IT announced today that it has entered into an agreement with competitor Netregistry to purchase the company in a deal worth AU$50.4 million.

The payment for the purchase will be made in two parts, with 4.99 percent to 9.99 percent of outstanding Melbourne IT shares offered to Netregistry shareholders, and the remainder paid in cash. This will see Melbourne IT part with 4.3 million to 9.3 million shares and between AU$38 million to AU$45 million in cash, subject to regulatory approval.

The proposed transaction will bring together two of Australia’s leading web services businesses, generating significant benefits for customers, employees, and shareholders of both companies, said acting CEO of Melbourne IT Peter Findlay — via redwolf.newsvine.com

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