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Australia's Spirit Telecom closes Building Connect acquisition

Australia's Spirit Telecom Ltd. completed its acquisition of Sydney-based internet service provider Building Connect.

The transaction, which has an enterprise value of A$300,000, was paid in company scrip by issuing shares at 15 Australian cents each. Of the deal's total price, 70% will be held in escrow.

Spirit Telecom said the acquisition will allow the company to expand its fixed wireless network in Sydney. After completion, Spirit Telecom will combine Building Connect's sites with those from recently acquired LinkOne Group of Cos., a wholesale telecom services provider, into a single expanded network in Sydney.