Pipe Networks vanishes from ASX

Summary:Pipe Networks will disappear from the Australian Stock Exchange for good from close of trading today, following court approval of its sale to internet service provider TPG.

in brief Pipe Networks will disappear from the Australian Stock Exchange for good from close of trading today, following court approval of its sale to internet service provider TPG.

Pipe Networks' CEO
Bevan Slattery

(Credit: Pipe Networks)

The Supreme Court Queensland approved the scheme of arrangement this afternoon, which followed Pipe Networks shareholders voting yes to the $373 million deal earlier this month.

A joint statement by Pipe Networks and TPG this afternoon said that the court order followed "overwhelming support" by Pipe Networks' shareholders in favour of the scheme.

TPG now officially owns an extensive dark-fibre network across major Australian business centres, such as Brisbane, Melbourne and Sydney, and also Pipe Networks' Sydney to Guam international cable.

The actual transfer of Pipe's shares is set to occur on 31 March, according to the statement.

Topics: Telcos, TPG

About

Liam Tung is an Australian business technology journalist living a few too many Swedish miles north of Stockholm for his liking. He gained a bachelors degree in economics and arts (cultural studies) at Sydney's Macquarie University, but hacked (without Norse or malicious code for that matter) his way into a career as an enterprise tech, s... Full Bio

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