ASX-listed M2 Telecommunications has acquired all of the business assets of privately owned Clear Telecoms for a net cash consideration of $24.5 million payable over three payment portion and subject to milestones.
Clear assets included customer contracts, operating systems, brands and all other related intellectual property.
With the acquisition, M2’s group revenues would surpass $500 million per annum and strengthen M2's position as a strong “challenger in the small business telecommunications space", it said.
M2’s managing director director Vaugh Bowen said the addition of Clear was an “extremely positive step in further expanding our presence in the small and medium business telco market”.
“The Clear customer base is not only sizable but is of a very high quality. We see considerable opportunity to add further value to the existing customers and in doing so expand both Clear’s revenues and earnings contribution over the coming years,” he said.
M2 has employed Clear senior operational management and claimed to have extended offers of continued employment to all other Clear employees.