Swoop acquires iFibre

11/01/2022 - 15:00

Bookmark

Save articles for future reference.

Andrew Forrest-backed Swoop Holdings is completing its first acquisition of the year, having agreed to buy South Australian network provider iFibre for $1.5 million in cash.

Swoop acquires iFibre
Anthony Grist has about a 6.2 per cent shareholding in Swoop. Photo: David Henry

Andrew Forrest-backed Swoop Holdings is completing its first acquisition of the year, having agreed to buy South Australian network provider iFibre for $1.5 million in cash.

The deal includes 34 kilometres of fibre in the Adelaide CBD and outer metro areas, connecting key data centres and commercial buildings.

The transaction is due to complete at the end of the month.

It follows a string of acquisitions completed by Swoop in 2021, including that of WA-based NodeOne and NSW companies VoiceHub and Countrytell.

Mr Forrest’s Tattarang has a 19.7 per cent stake in Swoop, which is now based in Sydney.

Swoop non-executive director Anthony Grist, also a non-executive director of Mr Forrest's Minderoo Foundation, has about a 6.2 per cent shareholding.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options