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23/10/2024 - 15:29

GenusPlus finalises CommTel acquisition

23/10/2024 - 15:29

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Infrastructure provider GenusPlus Group has finalised its acquisition of CommTel Network Solutions, following the effectuation of a deed of company arrangement.

GenusPlus finalises CommTel acquisition
GenusPlus Group managing director David Riches.

Infrastructure provider GenusPlus Group has finalised its acquisition of CommTel Network Solutions, following the effectuation of a deed of company arrangement.

Wednesday’s announcement follows news on September 30 that David Riches-led GenusPlus planned to acquire 100 per cent of CommTel’s shares for approximately $6 million.

It also proposed to purchase the takeover target’s associated intellectual property and specific confidential information for around $7 million.

A month earlier, CommTel was placed into administration.

“We are pleased to have completed this acquisition, which represents an important opportunity for GenusPlus to increase the depth and breadth of its communications service offering,” Mr Riches said.

“We are particularly pleased to be able to welcome the vast majority of the CommTel workforce, including founders Robert Green and Gerald Molenkamp, to the GenusPlus team, and look forward to working with them to unlock the full potential of the CommTel business.”

Earlier this month, Belmont-based GenusPlus also told the market it had signed a binding, conditional agreement to acquire Partum Engineering for up to $16 million.

Under the transaction, GenusPlus would facilitate an initial consideration package of $12 million, which would be followed by a contingent earn-out package, valued up to $4 million.

GenusPlus shares closed trade on Wednesday down 5 per cent to $2.36.