Join our daily newsletter At The Bell to receive exclusive market insights
- Swoop Holdings (SWP) has signed a conditional agreement to acquire a dark fibre provider based in Sydney
- The Australian internet telecommunications company will acquire all assets and outstanding shares of Luminet
- The company’s assets include 58km of dark fibre in the Sydney Central Business District and outer metro areas
- The cash-and-stock deal is valued at approximately $8 million to be funded by existing cash reserve
- Swoop Holdings last traded at $1.31 on February 16
Swoop Holdings (SWP) has signed a conditional agreement to acquire a dark fibre provider based in Sydney.
The Australian internet telecommunications company will acquire all assets and outstanding shares of Luminet, funded from existing cash reserves.
The company’s assets include 58km of dark fibre in the Sydney Central Business District and outer metro areas, connecting key data centres and Hyperscale facilities.
The cash-and-stock deal is valued at approximately $8 million. The figure includes $820,000 to be paid 12 months after the deal is officially completed, alongside a $5.58 million cash payment and $1.6 million in shares.
“Acquiring Luminet’s dark fibre network is a great fast track for our investment in dark fibre. The 58-km network covers many of Sydney’s most important interconnection points, data centres as well as Hyperscale facilities,” said Swoop CEO Alex West.
“Like our previous fibre acquisition it is predominantly built in its own ducts, and with significantly larger fibre core counts presenting great opportunities for growth.
“As we saw from Vocus we started the fibre journey with roughly the same amount of cable on some of the same key routes that saw us grow into one of the largest fibre infrastructure providers in Australia.
“We are excited to bring together this asset along with one of Australia’s largest fixed wireless networks to continue to offer great solutions to our growing customer base.”
Swoop is a national provider of data and voice services to wholesale, business and residential customers with a focus on its own fibre and fixed wireless infrastructure.
Swoop Holdings last traded at $1.31 on February 16.
