Australia’s third telco player and the second largest broadband supplier is almost a reality after shareholders of iiNet voted in favour of a $1.56 billion takeover from TPG Telecom.
The combined companies will have 1.7 million customers, revenue of $2.3 billion and staff of about 5,200.
Those 1.7 million combined customers are retail fixed-line internet subscribers, a number which is second only to Telstra’s 3 million fixed broadband user base.
TPG offered $9.55 for each iiNet share, made up of $8.80 cash or 0.969 TPG shares, plus a 75 cent special dividend.
The deal went through several offers starting at $1.4 billion, and a counter bid by M2, before the board and shareholders approved the current $1.56 billion.
The ACCC (Australian Competition and Consumer Commission) is expected to make its final decision on August 20 on whether to approve the takeover.
iiNet shares are up 0.85% to $9.37. TPG is up 0.66% to $9.20.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.