Superloop to acquire VostroNet for $35m

Superloop is set to acquire fibre and wi-fi network provider VostroNet, in a cash-and-shares deal worth $35 million.

VostroNet’s main business is in connecting multi-dwelling units (MDUs) with a combination of fibre connectivity and wi-fi distribution, and fibre connections to broadacre developments.

The company nominates UniLodge, Iglu Student Accommodation, Queensland University of Technology, Sunshine Coast Council as key wi-fi customers, and it delivers FTTP to Billbergia, CBUS and Consolidated Properties developments.

In a financial filing, Superloop said the acquisition will give it coverage of around 40,000 student beds nationally, in a segment that has “now recovered to its pre-Covid levels”.

The acquisition will also bring FTTP solutions to Superloop’s OnNet Smart Communities, allowing the company to target new developments, build-to-rent, broadcacre, and MDU markets. 

Superloop expects the acquisition to complete near the end of 2022.

Of the $35 million price tag, $24.5 million is cash and the remainder is in Superloop shares.

Previous Superloop acquisitions include Exetel in 2021, and Acurus earlier this year.