iinet to buy Internode

Internet service provider iiNet says it will buy fellow ISP Internode for $105 million to be paid in a mixture of cash and shares.

Internet service provider iiNet has announced a second purchase in as many months with the acquisition of South Australian-based Internode Pty Ltd for $105 million.

The payment will be a mixture of cash and shares, iiNet said in a statement on Thursday.

iiNet chief executive Michael Malone said the deal with Internode would strengthen the company's position, with the arrival of the national broadband network.

The company said Internode would trade as a separate business unit under the management of founder Simon Hackett.

Last month iiNet announced a binding agreement to purchase Canberra-based TransACT for $60 million.

More about: ACT, etwork, iiNet, Internode

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