iiNet shareholders have approved the acquisition of AAPT’s consumer division for $60 million.
The Perth-based ISP went into a binding agreement with AAPT’s parent company, Telecom New Zealand, in July. The agreement will see iiNet take on 113,000 broadband subscribers and more than 251,000 other active services.
iiNet chief regulatory officer, Steve Dalby, flagged the company was going to dump AAPT’s unlimited download plans, claiming it did not fit into iiNet’s business model.
In August, iiNet brought out a 1TB plan.
iiNet chief, Michael Malone, said in a statement the support from shareholders signalled the decision to buy AAPT was a good one.
“iiNet will become the clear leading challenger brand in the Australian telecommunications market following the acquisition of AAPT’s consumer division,” he said in the statement.
According to Malone, the company will have 1.3 million subscribers with more than 650,000 DSL customers.
Staff numbers will be bumped up to 2000 across four countries.
With TPG determined to topple iiNet, AAPT’s acquisition will be invaluable in fuelling growth for the Perth-based ISP.
The deal will be completed on September 30.