Aussie Broadband raises $114 million for acquisitions, product development and network builds

Aussie Broadband raises $114 million for acquisitions, product development and network buildsPhil Britt (Aussie Broadband)

Aussie Broadband has revealed it has raised $114 million in a capital raise to help fund its growth plans.

The telco said the proceeds will be used to support growth through potential mergers and acquisitions, new business product and technology development and for further fibre and network builds.

The raise was done through a placement of 28.5 million Aussie Broadband shares, sold to new and existing institutional, sophisticated, and professional investors for $4 apiece.

“We are very encouraged by the strong level of support from new and existing institutional, sophisticated and professional investors, Aussie Broadband managing director Phillip Britt said.

“We greatly appreciate the backing of existing shareholders who participated in the placement and welcome new shareholders that have joined the register as part of the
equity raise.”

Investors that took part in the raise were also offered to take part in a separate capital raise through a share purchase plan, which looks to invest up to an additional $10 million. The raise is expected to run into early October.

“There are promising opportunities to execute transformational acquisitions in the business segment that will complement and improve Aussie Broadband’s position in the market,” Britt added.

“We believe this will help us to continue delivering outstanding results for our shareholders and help the company to continue to change the telco game in Australia.”

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