M2 picks up majority stake in Aggregato

Increases shareholding to 61.2 per cent

M2 is now the majority owner of prepaid telecommunications services provider Aggregato.

M2 announced today that it had boosted its shareholding in the company to 61.2 per cent after investing $4.9 million in pro rata rights issue.

Aggregato has a portfolio of 16 prepaid call card brands and operates primarily in Australia and the US.

Earlier this month M2 completed the $246.7 million acquisition of the Call Plus group of New Zealand ISPs.

M2 revealed in April that it had entered into binding agreements to acquire 100 per cent of Call Plus Group as well as associated SMB VoIP provider 2Talk.

M2 earlier this year failed in its attempt to outbid TPG to acquire Australian ISP iiNet. An initial approach by M2 forced TPG to revise its offer for iiNet.

In February M2 reported revenue of $546.2 million for the six months to the end of December, up 8 per cent on the same period in 2014.

Net profit after tax (NPAT) for the half was $38.5 million, up 25 per cent.

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