Pipe Networks' shareholders have voted to approve a $373 million deal that will see the company acquired by TPG Telecom.
Pipe Networks' CEO
(Credit: Pipe Networks)
The acquisition will give TPG an extensive dark fibre network across major Australian business centres, such as Brisbane, Melbourne and Sydney, and will also give it Pipe Networks' newly lit-up Sydney to Guam international cable.
Pipe Networks' chairman Roger Clarke told shareholders that they should "vote in favour" of the scheme this morning.
"Your board now unanimously recommends that you vote in favour of the scheme and approve the scheme at today's scheme meeting," he said. Clarke added that no "superior" proposal had been offered to Pipe since TPG Telecom had approached it.
The company will seek final approval from the Brisbane Supreme Court on 17 March.