Vonex (ASX:VN8) shares soar on completed MyNetFone Direct acquisition

• Listed telco company Vonex (VN8) finalises its acquisition of MyNetFone Direct after fulfilling its final monthly cash payment
• The company has now paid Symbio (SYM) a total of $31 million to acquire part of the business
• Vonex says as a result of the completed purchase, its net cash flow will now improve by some $833,000 per month.
• CEO Matt Fahey says the completion of the acquisition marks the beginning of a “new era” for Vonex, which now has greater financial flexibility
• Shares in Vonex are up 23.4 per cent to 9.5 cents at 10:46 am AEST.

Telecommunications company Vonex (VN8) has finalised its acquisition of MyNetFone Direct after fulfilling its final monthly cash payment.

The company has now paid Symbio (SYM) a total of $31 million to acquire part of the business. Vonex first struck the deal with Symbio in June last year.

Vonex said as a result, its net cash flow would now improve by some $833,000 per month.

CEO Matt Fahey said the completion of the acquisition marked the beginning of a “new era” for Vonex, which now had greater financial flexibility.

“We are excited to deliver further growth in the year ahead, fully unencumbered by deferred acquisition payments, as we continue to advance M&A pipeline opportunities which offer the potential to expand Vonex’s customer base, geographic presence and product suite,” Mr Fahey said.

The MyNetFone Direct business sells cloud phone, internet and mobile services to small and medium enterprises and residential customers across Australia.

Vonex said it expected the acquisition to grow its revenue and customer base.

Shares in Vonex were up 23.4 per cent to 9.5 cents at 10:46 am AEST. Shares in Symbio were up 4.8 per cent to $4.35 at the same time.