Pipe Networks vanishes from ASX

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.