iiNet eyes off partial AAPT acquisition

Perth-based internet service provider iiNet has entered a trading halt ahead of a possible acquisition.

There is speculation that the company will acquire parts of AAPT from Telecom New Zealand.

"The company requests a two day trading halt, and envisions making an announcement to the ASX concerning the proposed transaction prior to the market opening on Monday, August 2 which will lift the trading halt."

The Australian newspaper earlier reported that iiNet will buy AAPT's consumer business after a bid from TPG Telecom for AAPT's entire operations failed to pass muster.

The company iiNet started in Perth in 1993 and listed on the ASX in 1999. It now supports over 900,000 broadband, telephony and dialup services with offices in Perth, Sydney, Melbourne, Auckland and Cape Town, according to its website.

In May, iiNet chief executive Michael Malone told WA Business News that the company employs more than 1,500 staff across three continents, has more than 500,000 customers on its books, and generates annual revenues of more than $500 million.