M2 finalises Dodo acquisition
M2 Communications has put the finishing touches on its $204 million acquisition of rival internet service provider Dodo.
The deal saw M2 acquire 90 per cent of Dodo’s parent company Eftel earlier this week.
The $204 million deal saw M2 acquire Dodo, and its 400,000 customer base, for a cash and scrip deal on a debt-free and cash-free basis, for 10.4 million new M2 shares and $157 million in cash.
“We are delighted to have completed the Dod transaction today, bringing the high-performing business and nationally-recognised Dodo brand into the M2 group of companies,” M2’s Chief, Geoff Horth said.
“We now move forward with detailed plans to commence the integration process, creating a scale business with strong brand equity and growth prospects in both our small to medium business and consumer divisions.”