Swoop Telecommunications and NodeOne have been acquired by publicly listed Stemify in a reverse takeover deal worth $61.3 million.
The fixed wireless and wholesale network infrastructure carrier is backed by Perth-based investment company Tattarang, Vocus founder James Spenceley and Amcom founder Tony Grist.
The combined national telco intends to list in late April under Swoop Holdings, using the ASX ticker SWP.
The company through which Swoop is mounting its public listing, Stemify, had been in the business of developing and marketing STEM education curriculum incorporating 3D printed project kits for K-12 schools.
However, the company sold off its core business last year, leaving the remaining entity publicly listed on the ASX.
Now, with the reverse takeover deal done, Swoop's new listing seeks to raise $20 million at an issue price of $0.50 per share with Morgans appointed as the lead manager in the public offer.
Funds from the capital raising will be put towards expanding Swoop’s infrastructure nationally and potential acquisitions to grow its products and customer reach.
Spenceley will join Swoop as its chairman with the board made up of telco industry veterans, including Grist and Pipe Networks, Vocus and Superloop alumnus Matt Hollis.
“After a few years away from the telco Industry, it is great to be back at a time where there is so much opportunity,” Spenceley said. “Additionally, to be backed by one of Australia’s richest men and have an ever-growing team of high calibre industry veterans in the business, makes this a very exciting journey ahead.”
NodeOne CEO Richard Whitling said joining forces with Swoop enables them to expand its expertise and Internet services to Western Australia.
NodeOne was founded in Geraldton in 2009 and will continue to operate under its current brand in WA.
Swoop, formally known as Cirrus Communications, was founded in 2004 and operates 220 towers across the country with 110 staff.
Swoop CEO Alex West said the listing enables them to capture more market share, expand its offering and provide more services.
The transaction is subject to Stemify shareholder approval taking place on 6 April.