Aussie Broadband secures Symbio for $262 million

Aussie Broadband has acquired unified communications-as-a-service (UCaaS) provider Symbio for $262 million, ending a protracted and competitive sales process.

Phillip Britt from Aussie Broadband.

The ASX-listed retail service provider made a bid for Symbio at the end of September, beating off an earlier $243 million offer by Superloop that was later raised to $250 million.

Symbio is anticipated to add roughly 30 percent to Aussie Broadband’s turnover, and represents a significant expansion of Aussie Broadband’s white-label offerings.

Aussie Broadband’s wholesale business generated over $49 million in the company’s last annual results. 

“We have been impressed by the Symbio story, its team and its culture, which we think is well aligned to ours”, Aussie Broadband’s managing director Phillip Britt said in an announcement [pdf].

“Symbio's additional scale and capabilities that will support the continued growth of Aussie Broadband’s wholesale and enterprise and government offering.”

Aussie Broadband said in the short term, it will operate Symbio as a standalone business, but intends to integrate it over time.

As well as outbidding Superloop, Aussie Broadband had put up a larger cash component in its valuation of Symbio.