Superloop Acquires Lightning Broadband's Parent Company; Shares Down 3%
MT Newswires Live
May 29
Superloop (ASX:SLC) completed the acquisition of Lynham Networks, the parent company of Lightning Broadband, for AU$165 million in cash consideration, according to a Friday Australian bourse filing.
The acquisition was executed on Feb. 18.
The cash consideration is subject to final completion adjustments in accordance with the share purchase agreement, the filing said. The acquisition was funded from existing cash and Superloop's debt facilities.
The company's shares fell past 3% in recent trading on Friday.
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