Business, Technology

TPG to acquire iiNet for AU$1.4 billion

TPG has announced plans to purchase rival, and Australia’s third-largest internet service provider, iiNet.

The deal was announced to the Australian Securities Exchange on Friday morning. TPG will acquire 100 percent of iiNet shares, of which the company already had a significant stake.

The total value of the deal is worth AU$1.4 billion.

The agreement will see the combined TPG company become larger than Australia’s second-largest telecommunications company Optus, increasing TPG’s customer base to 1.7 million.

There will be combined revenues of AU$2.3 billion — via redwolf.newsvine.com

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