iiNet completes Adam acquisition

iiNet has used an existing bank facility to fund the acquisition

iiNet has completed the $60 million acquisition of Adam Internet.

The acquisition by iiNet was announced earlier this month following Telstra's announcement that it had not received approval from the competition regulator in time for its planned acquisition of the independent ISP to go ahead.

Adam Internet has around 70,000 broadband customers in South Australia and the Northern Territory and will build on iiNet’s 830,000 broadband subscribers in South Australia.

iiNet said the acquisition would increase the opportunity for bundled products to be offered to Adam Internet customers through its current product suite.

iiNet has used an existing bank facility to fund the acquisition.

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