Aussie Broadband has placed a high bid to acquire Symbio, a cloud-based communication company. In August, Superloop placed a bit for Symbio at $250 million. Superloop said that its latest offer was its final and will no longer increase it.
Aussie Broadband has made an offer at $3.15 per Symbio share making the deal at around $270 million.
A three-week exclusivity
Symbio and Aussie Broadband agreed to a three-week exclusivity period for due diligence. However, the discussion between the two companies is incomplete and there is no assurance yet if the deal will push through.
The exclusivity means that Symbio will not discuss with other third parties when it comes to competing proposals. Symbio also noted that it could not meet the conditions in Superloop’s final offer.
According to Symbio, Aussie Broadband would fund the cash portion of the transaction. Additionally, the Unified Communications as-a-service (UCaaS) provider said its board considered Aussie Broadband more superior to Superloop’s.
A coveted acquisition
Symbio specialises in VoIP technology and its core business involves UCaaS, routing voice calls for leading tech companies. It also provides white-label services and bundled communication packages.
The interest in acquiring Symbio shows the ambitious plans of Superloop and Aussie Broadband to bolster their portfolios.
Additionally, it reflects the strategic importance of enhancing the companies’ telecommunication capabilities. Aussie Broadband and Superloop’s investment in Symbio aligns with their aspirations to diversify their service offerings and strengthen their position in the highly competitive telecom market.
By leveraging Symbio’s capabilities, these companies aim to expand their service portfolios, drive innovation and remain competitive in a rapidly evolving sector.
Aussie Broadband and Superloop
Aussie Broadband and Superloop are prominent players in the Australian telecommunication industry. Aussie Broadband has emerged as a leading internet service provider known for its commitment to customer service and its extensive National Broadband Network (NBN) offerings. The company’s customer-focused approach has garnered a strong reputation in the market.
Superloop is a network infrastructure company specializing in connectivity and digital services. It has built a robust dark fiber network across Australia, Singapore, and Hong Kong, making it a significant player in the Asia-Pacific region’s data and telecommunications infrastructure sector.
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