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Spirit Telecom to acquire 3 IT managed service providers

Spirit Telecom Ltd. agreed to acquire three Australia-based IT managed service providers: Reliance IT, Beachhead Group and Altitude IT.

Upon completion of the deal, the three companies will be rebranded as Spirit Solutions Partners. Additionally, on completion, the Australian telco will issue the completion shares at a deemed issue price of 32 Australian cents per share, with the shares escrowed for 12 months from the completion date.

To finalize the deal, Spirit will provide an up-front payment of A$5.7 million in cash and a further A$2.6 million in Spirit equity. The completion of the deal is subject to normal closing conditions and is expected to occur Sept. 1.

To fund the acquisitions, Spirit said it has received firm commitments to raise A$18.2 million through the issue of approximately 57.0 million shares at 32 Australian cents per share. Concurrently, the company launched a share purchase plan to raise up to A$5 million through the issue of approximately an additional 15.6 million shares at 32 Australian cents per share.