Datafast buys Vic ISP

WA-BASED publicly listed Internet service provider Datafast Telecommunications Ltd has entered into an agreement to acquire Victorian-based ISP Key Point Pty Ltd.

The deal, which incorporates cash, shares and options, will be presented for shareholder approval at the annual general meeting to be held on December 23 2003.

Upon approval of the deal, Datafast shareholders will receive a free option, exercisable at 3 cents, for every 10 shares they hold.

In a statement released by the company, Datafast CEO Simon Ehrenfeld said substantial synergies would be delivered through the merging of the operations of both companies.

The deal will provide Datafast with more than 85,000 active accounts, ranking it in the top 10 Australian ISPs, according to the statement.