iTWire - Symbio shareholders OK Aussie Broadband acquisition
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Monday, 12 February 2024 10:38
Symbio shareholders OK Aussie Broadband acquisition Featured
After acquiring unified communications-as-a-service (UcaaS) provider Symbio for $262 million last November 2023, telecommunications provider Aussie Broadband is one step closer to integrating the company under its wing, as Symbio shareholders have voted in favour of the deal.
Aussie Broadband sought to acquire Symbio for $271 million, outbidding competitor Superloop, which initially valued the company at $243 million and even raised its offer to $250 million.
Then in November 2023, Aussie Broadband secured the acquisition and bought Symbio for $262 million.
In an ASX announcement, Aussie Broadband said Symbio's business is "highly complementary" to its strategy, and the combined entity will be positioned as a "scale, diversified, modern voice, business and unified communications player in Australia."
In a LinkedIn post, Symbio CEO Rene Sugo wrote shareholders had voted in favour of the deal. He said there are "only a few steps" until completion.
"Bringing together these two great Aussie companies will create an even bigger tech success story, poised to achieve more great things. The Symbio Executive team and I are excited by this opportunity and focused on planning a smooth integration."
In 2022, Aussie Broadband acquired voice business Over the Wire, Symbio's competitor, but smaller.
This first appeared in the subscription newsletter CommsWire on 09 February 2024.
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