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Technology / AI and automation

OZEMAIL PAYS $13.7M TO BUY COMPETITOR, ACCESS ONE

OzEmail Limited, Australia’s biggest internet service provider and a Nasdaq listed company, is to buy out Australia’s third biggest ISP, Access One Pty Limited, for US$3.5m in cash together with 10.5 million ordinary shares (approximately 9% of the company’s expanded share capital) making a combined bid of approximately $13.7m. The business is to be purchased from Solution 6 Holdings Limited, who will also offer an option for OzEmail to purchase 4.16 million of its own shares. Access One has been our keenest competitor in the corporate and government sector and we are delighted to be acquiring their business, said Sean Howard, OzEmail’s Chief Executive Officer. The transaction is expected to close on November 24.

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CBR Staff Writer

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