iiNet acquired Internode for $105 million

The largest privately owned broadband service provider in Australia, iiNet, has shelled out $105 million and snapped up rival provider Internode.

The South Australian broadband and internet provider Internode has recently been snapped up by rival provider iiNet for $105 million. iiNet, which is the largest privately owned broadband services provider in Australia, will end up with around 190,000 new broadband subscribers as a result of the acquisition.

The acquisition and addition of new broadband subscribers will put iiNet in the enviable position as being the second largest DSL provider in Australia and as well becoming the third largest provider of fixed line broadband services in the nation.

iiNet managing director Michael Malone said: “Internode is an attractive acquisition, consistent with our strategy of building scale in anticipation of the national broadband network market. Internode’s experienced management team and excellent customer satisfaction record will allow iiNet to efficiently grow its presence in the South Australian and Eastern State markets.”

Simon Hackett, managing director and the largest shareholder of Internode, said: “This is a unique opportunity to increase our presence nationally. Internode’s track record of consistently topping national ISP customer satisfaction surveys matches iiNet’s own customer focused corporate strategy. The best teams in the business have joined forces at last.”