SPT buys Comindico

Regional wholesale telecoms provider SP Telemedia announced Monday it had reached an agreement to acquire the assets and business of Comindico from receiver McGrath Nicol.

In a statement, the company said it had acquired one of Australia's first and largely fully convergent IP-based networks, capable of carrying voice and data simultaneously at a "fraction of its original construction cost."

The acquisition would help SPT expand its regional and city IP broadband network, the company said. "The acquisition will also enable SPT to add a number of new products to the current SPT product suite, mainly in the voice, dial-up internet and broadband markets and importantly, this will be owned infrastructure.

"The directors are confident that the strategies to be put in place in relation to the future operation of the Comindico business within the SPT structure will ensure that it is a major contributor to the success of SPT," the company said.

McGrathNicol+Partners were appointed on 23 September 2004 as receivers and managers by the facility agent acting for Cisco Systems Australia. The appointment of receivers followed a decision by Comindico's board to appoint voluntary administrators to the company the previous day.