iiNet shareholders OK $60m AAPT deal

iiNet's shareholders have approved the internet service provider's (ISPs) acquisition of the consumer division of AAPT at an Extraordinary General Meeting held today.

In July, iiNet announced it would acquire the consumer division of AAPT from Telecom NZ for a reported $60 million.

Today, iiNet CEO Michael Malone welcomed the shareholder approval of the deal, stating it cemented the telco's place as one of Australia's biggest ISPs.

"iiNet will become the clear leading challenger brand in the Australian telecommunications market following the acquisition of AAPT's Consumer Division," Malone said. "iiNet will have more than 1.3 million customer services, including in excess of 650,000 DSL subscribers, the second largest in Australia."

Malone said once the acquisition was completed, iiNet would have over 2000 staff working in four countries.

The CEO in August commented that due to recent consolidation in the industry, there were just "four and a half" meaningful players left, Telstra, Optus, iiNet, TPG and Internode.

iiNet's acquisition of AAPT will be completed on 30 September.