iiNet in talks to buy Netspace

 

Price estimates too high.

Perth ISP iiNet has confirmed it was looking at Netspace as an acquisition target but hosed down speculation it would pay up to $75 million for the company.

The Australian Financial Review reported today that a deal worth between $60 million and $75 million was anticipated within two or three weeks.

In a statement to the ASX, iiNet confirmed it had "been in discussions with several parties including Netspace".

"The discussions are at an early stage and remain incomplete, and the iiNet board has taken no decision regarding the potential acquisition," iiNet company secretary David Buckingham said.

"We [also] note that the price currently being discussed is a long way below the price range being quoted in the media.

"We have publicly stated that we are interested in sensible acquisitions in the future and as a result we are continually engaged in assessing strategic options and regularly hold discussions with industry participants - often associated with a potential takeover."

iiNet's last major ISP purchase was $81 million for Westnet in May 2008.

A spokesman for Netspace said it made "good business sense for Netspace, on behalf of its owners, to consider all relevant opportunities put forward to us."

"However, despite media speculation brought to our attention today, it is business as usual for Netspace at this time," they said.


iiNet in talks to buy Netspace
 
 
 
Top Stories
Can the ATO use IT to shed its old-school reputation?
Inside the ‘reinvention’ at the hands of new management.
 
JB Hi-Fi's new CIO gets 'clean slate' for change
New AusPost, Tabcorp exec to get his hands dirty.
 
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest articles on BIT Latest Articles from BIT
Xero updates Android app
Aug 5, 2015
A new Android version of Xero Touch - the mobile companion app for the Xero cloud accounting ...
The 5 Windows 10 privacy issues you should be aware of
Jul 31, 2015
There are a few unsettling details when it comes to Windows 10 privacy
Windows 10 is here! (For some)
Jul 29, 2015
Delivery of the free upgrade versions of Windows 10 began today - have you got yours yet?
Microsoft reveals Microsoft Send, a new enterprise chat app to rival Slack
Jul 27, 2015
Microsoft Send is MSN Messenger for grownups, and you could be using it at work very soon
Developers offered $500,000 grants to find HoloLens uses
Jul 8, 2015
Can augmented-reality end up in business?
Latest Comments
Polls
Should law enforcement be able to buy and use exploits?



   |   View results
Yes
  14%
 
No
  51%
 
Only in special circumstances
  17%
 
Yes, but with more transparency
  18%
TOTAL VOTES: 843

Vote