We have some network M&A from down under to look at this morning. Superloop, which is in the midst of a fiber buildout in both Australia and Singapore, has found an M&A target to accelerate its expansion. They have entered into a binding agreement to acquire Brisbane-based APEXN Pty Ltd.
APEXN is a managed network services operator that focuses on the channel rather than direct sales. While it's not a large operation, the model seems to fit quite well at this stage in Superloop's development, expanding the portfolio into managed network services. APEXN's talent pool will be joining that of Superloop, including both co-founders. Ryan Crouch and Metthew Gregg.
The purchase price of the deal was $5.8M, made up of $3.8M in cash and $2.0M in Superloop scrip. Over the past few months, the company has finished off its initial metro builds in Singapore, Brisbane (left), Melbourne, Sydney. Superloop's current buildout projects include their Red Lion buildout in Singapore, which aims to bring some 25 key commercial locations on-net.
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