Superloop to buy out BigAir

Bevan Slattery’s Superloop will acquire fixed wireless and campus network provider BigAir for up to $190 million.

Bevan Slattery.

The two telcos revealed the terms of the proposed takeover late yesterday. Superloop said the deal will allow it to bring to market a “low cost gigabit access alternative” to the NBN, targeting business customers.

“The acquisition of BigAir will allow us to leverage our fibre network plus provide us with new wireless capabilities to deliver low cost gigabit connectivity,” Slattery said in a financial filing.

Slattery’s company also plans to “restructure and rebrand” BigAir’s managed services business, should its bid for the company be successful.

Superloop has proposed either an all-scrip or combined cash and scrip buyout of BigAir. The cash consideration is up to $95 million, funded by an oversubscribed share placement overnight alongside a debt facility.

Superloop owns and operates fibre interconnection networks in Australia and Singapore, and is building a fibre network in Hong Kong. 

The acquisition is expected to close at the end of this year.