Vocus Communications set to acquire FX Networks: report

Company about to buy NZ-based fibre optic cabling company for $94 million, say media reports

Vocus Communications (ASX: VOC) is said to be buying New Zealand based fibre optic cabling company FX Networks for $94 million (NZ$100 million), according to media reports.

iTnews reported that Vocus has been in talks with FX Networks for some weeks now.

FX Networks has been operating in NZ for 10 years.

The Australian Financial Review has also filed a story about the acquisition, citing sources close to Vocus.

Vocus went into a trading halt on the ASX today.

“The securities of Vocus Communications Limited will be placed in trading halt session state at the request of the company, pending the release of an announcement by the company,” read the ASX statement.

The trading halt is expected to continue until Wednesday, 2 July, or until the announcement is made.

In May 2012, Vocus entered a binding agreement to acquire NZ-based data centre and cloud provider Maxnet for $7.3 million (NZ$9.5 million).

Vocus netted a 580 square metre Tier II data centre in Albany, Auckland, and 50 Maxnet staff members.

More to come.

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