Swoop dives on SA-based Beam Internet for $6.7M
$6 million in cash and $700,000 in Swoop shares.
Alex West (Swoop)
Credit: Swoop
Fixed wireless and wholesale network infrastructure provider Swoop has acquired South Australia-based wireless broadband provider Beam Internet for a total of $6.7 million.
Under the terms of the deal, which is expected to close in one to three weeks' time, the publicly listed provider will pay $6 million in cash and $700,000 in its own shares for the provider, with $1.3 million of the cash to be held back for 12 months for any potential claims and adjustments.
Beam Internet offers wireless broadband to regional South Australia with a network of over 60 towers and masts, and has over 3,600 on-net residential and small- to medium-sized enterprise (SME) services in operation.