King & Wood Mallesons has acted for Goldman Sachs as the underwriter of the A$83.1 million capital raising to partially fund M2 Telecommunications Group’s acquisition of Primus Telcom Holdings, the Australian operations of the US-based Primus Telecommunications Group for A$192.4 million.
The offer is a renounceable entitlement offer, with entitlements tradeable on ASX, therefore ensuring M2 shareholders are able to participate in the capital raising.
M2 Telecommunications is Australia’s largest non-infrastructure based provider of telecommunications services.
Under the deal, M2 will absorb Primus’ 165,000 customers, the iPrimus and Primus brands, 500 staff and the telco’s national network assets which include data centres and metro fibre rings.
The King & Wood Mallesons team acting for Goldman Sachs consisted of Craig Semple (Partner) and Robert Kelly (solicitor).
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