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Article: AUSTRALIA'S SP TELEMEDIA OFFERS TO MERGE WITH ISP TPG.
- Article from:
- AsiaPulse News
- Article date:
- February 8, 2008
CopyrightCOPYRIGHT 2008 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SYDNEY, Feb 8 Asia Pulse - Pundits say consolidation in the Australian telecommunications industry is essential and SP Telemedia Ltd's (ASX:SOT) offer to merge with internet service provider TPG is welcome news.
SP Telemedia, which trades under the SOUL brand, is offering million ($US133.79 million) cash and 270 million of its shares to buy TPG Holdings Ltd.
Based on SP Telemedia's 35 cent per share price, the deal gives TPG an enterprise value of about $230 million.
The move has been met with excitement by industry commentator Paul Budde who said there was urgent need for consolidation in an industry where size matters.
"It is really ...