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Swoop (ASX:SWP) - CEO, Alex West (left) & Non Executive Chairman, James Spenceley (right)
CEO, Alex West (left) & Non Executive Chairman, James Spenceley (right)
Source: Swoop/LinkedIn
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  • Swoop (SWP) is set to acquire the dark fibre network assets and customers of iFibre
  • The acquisition assets include 34 kilometres of fibre in the Adelaide CBD and outer metro areas, connecting key data centres and commercial buildings
  • The purchase price for the acquisition is $1.5 million payable in cash, with $1.2 million to be paid on completion and $300,000 will be withheld for a period of six months for any potential claims and adjustments
  • The acquisition is expected to be completed by January 31
  • Swoop is up 0.62 per cent, trading at $1.62 per share at 12:50 pm AEDT

Swoop (SWP) is set to acquire the dark fibre network assets and customers of iFibre.

The purchase price for the acquisition is $1.5 million, payable in cash. Of that amount, $1.2 million will be paid on completion and $300,000 will be withheld for a period of six months for any potential claims and adjustments.

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

Swoop CEO Alex West said acquiring iFibre’s dark fibre network is a great opportunity to commence its investment in dark fibre.

“The 34-kilometre network covers the major interconnection points, data centres as well as the CBD of Adelaide,” Mr West said.

“Predominantly built in its own ducts and with low utilisation, the acquisition represent significant value compared to us beginning an organic build.

“Myself and the team are excited to be entering this market again with a network that is immediately ready for sale by our teams.”

The acquisition will be funded from existing cash reserves and is expected to be completed by January 31.

Swoop was up 0.62 per cent, trading at $1.62 per share at 12:50 pm AEDT.

SWP by the numbers
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