MyNetFone acquires business of competitor GoTalk
- 20 December, 2012 11:02
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MyNetFone has acquired voice carrier GoTalk’s network and wholesale business for $1.4 million following nearly a year of negotiations, taking a competitor out of the market.
The acquisition of GoTalk, which was established in 2000, is expected to generate $19 million in revenue per annum and will enable the company to now have one of the largest wholesale voice networks in Australia.
“We expect the acquisition of GoTalk to be earnings accretive in the current financial year and anticipate that the GoTalk business could add between $1.3 million and $1.6 million to MyNetFone’s EBITDA result in FY13/14, after synergies and some running efficiencies are achieved,” Rene Sugo, MyNetFone CEO, said in a statement.
MyNetFone said the part of the rationale for the acquisition was as a “strategic opportunity to eliminate a very active market competitor”.
The purchase will include GoTalk’s wholesale customers, network infrastructure and intellectual property.
MyNetFone will migrate GoTalk’s customers onto its Symbio network and shut down GoTalk’s network infrastructure and supply agreements as part of a two-year integration plan to maximise profitability.
The restructure is expected to cost $500,000 over the next 12 months.
The acquisition is expected to be completed before 28 February, 2013.
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