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.”