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Mergers and Acquistions News

Categories: Telecoms

February 2nd 2011, 17:07PM

Australian firm M2 Communications has acquired Clear Telecoms for $24.5 million (£15.2 million), it has been reported.

According to the Australian, the deal will help push M2's annual revenues beyond $500 million.

As part of the transaction, Clear will transfer all assets, including thousands of customer contracts, brands and intellectual property, to M2, as well as taking on about 40 clear staff.

Established in 1999, M2 provides retail fixed-line, mobile and data telecommunications services.

"Clear is perfectly fitted to our business. We are very much focused on the small and medium business customers and that's exactly where Clear sits," M2 managing director and chief executive Vaughan Bowen was quoted by the newspaper as saying.

Mr Bowen added that the company also has other acquisitions in its sights.

In November, M2 made a significant investment in New Zealand when it acquired the country's Black and White telecoms firm.ADNFCR-1833-ID-800381781-ADNFCR

 

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