Fixed wireless and wholesale network infrastructure provider Swoop has announced the acquisition of regional South Australian wireless broadband provider, Beam Internet, for an enterprise value of $7.2 million.
Beam Internet a large privately owned fixed wireless network in regional South Australia and offers fast and affordable high speed Wireless Broadband on its own network of over 60 towers and masts and has more than 3,600 on-net residential and SME services in operation. The Beam network covers the Fleurieu Peninsula, Barossa, Kangaroo Island, Mid North, Murray Bridge and South East regions in South Australia, and also parts of the West Victoria and Mallee regions in regional Victoria.
The acquisition comes within weeks of several other acquisitions including regional wireless broadband provider, Speedweb, and Perth based, residential and business fixed wireless provider, Community Communications (ComComs).
Swoop CEO Alex West stated, “Acquiring Beam is another fantastic opportunity for Swoop to expand our infrastructure coverage into regions we do not have infrastructure. Beam has a recently upgraded and well-built modern network which aligns with our own national network and gives us a strong springboard for growth into the SA market. We look forward to the opportunities this acquisition provides in establishing a South Australian presence for the Swoop brand”.
Bonitz Advisory is acting as Swoop’s M&A adviser on this transaction, Maddocks is acting as legal adviser and PKF as tax adviser.
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