Uniti Group has completed its acquisition of fibre network builder and operator OptiComm, following the approval of the proposal by the Federal Court last week.
OptiComm shareholders were paid $5.20 cash for each share and were issued 1.07 Uniti shares per OptiComm share.
Uniti will keep the OptiComm brand as the customer facing and market brand for its wholesale and infrastructure (W&I) business unit. The unit covers Uniti’s network construction, operation, maintenance and wholesale functions.
As a result, the LBNCo, Openetworks, Pivit, ClubLinks and Capital Fibre Networks brands currently operated by Uniti will be retired.
Uniti also announced that OptiComm chief customer officer Geoff Aldridge would take on the role of chief executive of Uniti’s wholesale and infrastructure business unit and would be part of the company’s executive board.
OptiComm managing director and CEO Paul Cross will leave Uniti, as well as current Uniti W&I chief executive Stephen Picton, who came over from the LBNCo acquisition in 2019.
In an ASX announcement, Uniti said, “ The Uniti board congratulates Steve Picton and Paul Cross on their outstanding careers, their contribution to the shareholders and the business conducted by both Uniti and OptiComm, and thank them for the tremendous legacy and opportunity they leave behind, for the combined business to capitalise on.”
Along with Cross, the remaining OptiComm directors have also resigned. The OptiComm board was Cross, Allan Brackin, David Redfern, Ken Ogden, Greg Adcock and Jennifer Douglas.
OptiComm share trading on the ASX was suspended on 13 November and the company has applied to officially delist from the exchange by 23 November.
Looking ahead, Uniti has started working on integration activities and “maximising opportunities” presented by the OptiComm acquisition.