Swoop makes $1.8m acquisition

Andrew Forrest-backed telco Swoop Holdings has made its first major acquisition since listing on the ASX after finalising a $1.8 million deal to buy Victoria-based ISP Speedweb.

Speedweb, which provides internet services to regional Victoria that abut to Swoop services offered in West Gippsland, will be acquired in exchange for $1.23 million in cash and $525,000 worth of Swoop shares.

Bonitz Advisory is acting as the merger-and-acquisition adviser to the deal and Maddocks is serving as legal adviser.

Swoop chief executive Alex West called the deal a fantastic opportunity for the business.

“We look forward to the opportunities this acquisition provides in terms of expanding our market share in the Gippsland region and we welcome the Speedweb customers to Swoop,” he said.

Swoop listed on the ASX in May following a reverse takeover of Sydney-based outfit Stemify, which itself had merged with Geraldton-based NodeOne Internet earlier in the year.

Shares in Swoop were trading at $0.94 at 4pm AEST.