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Australia's Spirit Telecom to acquire Trident Business Group

Spirit Telecom Ltd. will acquire Trident Business Group, a provider of managed IT and security services, for up to A$6.9 million.

Payment for the deal will be split into 75% cash and 25% Spirit Telecom shares, with the cash component to be paid using a mix of cash reserves and existing debt. The transaction has an earnout component, under which 30% of the total deal price will be paid in two equal tranches based on EBITDA targets within 2020 and fiscal 2021. The completion shares will be issued at 20 Australian cents per share, with the shares escrowed for 12 months from the deal's completion date.

The transaction is expected to close Feb. 17, subject to normal closing conditions.

Trident Business Group, composed of Trident Computer Services Pty. Ltd. and Neptune Managed Services, will become a Spirit Telecom unit, to be known as Trident IT Solutions. The new division will focus on providing cloud-based IT and high-speed internet services to schools, hospitals, aged care facilities and medium-sized enterprises.

Trident CEO Katie Bentley will become CEO of Trident IT Solutions, with Neptune CEO Geoff Bentley assuming the role of chief sales officer at Spirit Telecom.

Australian telecom service provider Spirit Telecom recently completed the acquisition of Sydney-based Cloud Business Technology.