M2 Telecommunications acquires Black and White Group

M2 Telecommunications (ASX:MTU) acquires Black and White Group to exapand New Zealand business

M2 Telecommunications (ASX:MTU) has signed a binding agreement to acquire the assets of NZ telco, Black and White Group.

The acquisition includes all Black and White customer contracts, operating systems and intellectual property including the ‘Black + White’ brand.

M2 has appointed former Telcom New Zealand executive and Black and White founder, Jonathan Eele, as the chief executive and managing director of M2’s New Zealand business, M2NZ.

The deal will be funded by the issuing of additional shares in M2NZ to Black and White shareholders.

According to M2 Australia, the addition of Black and White would bolster the scale and management depth of M2NZ.

M2NZ has also appointed Troy Elliott as the company’s sales director.

In August, M2 reported that its executives had received a collective pay rise of almost double the amount of the previous financial year, coinciding with a doubling of revenues and profits over the same period.

The company also reported profit before tax of $24.16 million, more than double $11.13 million it reported the year before.

Total earnings before interest, tax, depreciation and amortisation (EBITDA) for the company were $31.41 million, a 136 per cent increase over last year’s $13.33 million.

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