Emerging telco 5G Networks, which is building its own fast wireless broadband network and cloud computing service, is buying APTel (Asia Pacific Telecommunications Group), part of the property group Deague, in $6 million deal.
5G Networks listed on the ASX in November last year, raising $4 million in equity at 25 cents a share. A short time ago, the shares were were at 77 cents, up 5.4%.
The company will raise $3.5 million at 60 cents a share to fund the purchase of APTel, which has revenue of more than $6.3 million across 800 Melbourne residential/hotel and business customers.
“The acquisition of APTel is a significant illustration of the strategy that we outlined in our IPO prospectus,” says 5G Networks Managing Director Joe Demase.
“The integration of the APTel service suite with our own offering delivers a powerful business solution that can meet the modern demands of the mid-tier business market for broadband and cloud services.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.