A statement via the Australian Stock Exchange has just confirmed that Aussie ISP iiNet is buying rival Internode for AUD$105 million.
The deal will be completely settled by 29th February 2012, and sees iiNet's hold on the #2 position in the market (which it trumpets loudly as part of its marketing campaign) strengthened significantly.
Internode has a stronger vested interest in the gaming sector, with servers for PC games and news site www.games.on.net as adjuncts to its core ISP and home phone providing services.
The deal sees Internode's 260'000 customers (190'000 of which are broadband users) now under iiNet's control, however the Internode brand will be staying intact.
Michael Malone, CEO of iiNet, said: "?Internode is an attractive acquisition, consistent with our strategy of building scale in anticipation of the national broadband network (NBN) market."
Simon Hackett, MD and largest shareholder of Internode, added: "This is a unique opportunity to increase our presence nationally. Internode's track record of consistently topping national ISP customer satisfaction surveys matches iiNet's own customer focused corporate strategy. The best teams in the business have joined forces at last!"
Internode was Australia's largest privately owned broadband services company.
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