Menu
​Vocus scales final hurdle to edge towards $3 billion M2 merger

​Vocus scales final hurdle to edge towards $3 billion M2 merger

“This is an excellent outcome for both companies’ shareholders."

James Spenceley - CEO, Vocus Communications

James Spenceley - CEO, Vocus Communications

Vocus Communications’ plans to acquire M2 Group for $3 billion has edged closer, with the telco receiving clearance from the Victorian Supreme court.

Following Commerce Commission clearance in New Zealand in early December, the final court approval across the Tasman now sets the stage for an implementation date of February 22.

“This is an excellent outcome for both companies’ shareholders,” says David Spence, Chairperson, Vocus Communications.

“This merger creates a new force in the telecommunications industry, capable of delivering great outcomes for our stakeholders.

“We look forward to maximising all the opportunities the merger provides, by continuing on a joint basis the tremendous success that each M2 and Vocus has achieved so far.”

As reported by Computerworld New Zealand in September, Vocus Communications proposed merger with M2 Group aims to create more rather than less competition due to a strong wholesale division which helps small Internet Service Providers.

In Australia, the merger will see Vocus Communications become the country’s fourth-largest telco, while in New Zealand, the Commerce Commission in particular remains satisfied that the acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in the affected markets.

“We are very pleased to have received shareholder support and final court approval for the merger with Vocus,” adds Craig Farrow, Chairperson, M2 Group.

“I’d like to thank our loyal shareholders for their support over the last 12 years.

“We look forward to seeing shareholders receive excellent returns from the merged group.”


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags M2 groupVocus Communications

Featured

Slideshows

A snapshot of the Kiwi partners set to shine at the Reseller News Awards

A snapshot of the Kiwi partners set to shine at the Reseller News Awards

With the 2017 Reseller News ICT Industry Awards only weeks away, Reseller News profiles the power line-up of partners set to dominate the biggest night on the channel calendar. ​Ranging from the enterprise, down through the mid-market and small business sectors into the heart of the start-up scene, the end result is the most diverse and wide-ranging partner line-up in the history of the Awards, playing host to the leading innovators of the past 12 months.​

A snapshot of the Kiwi partners set to shine at the Reseller News Awards
Channel celebrates as HP marks 50 years in NZ

Channel celebrates as HP marks 50 years in NZ

HP marked 50 years in New Zealand at an event in the vendor's Auckland's headquarters last night, with a host of key channel figures coming along to celebrate. Photos by HP.

Channel celebrates as HP marks 50 years in NZ
Show Comments