(MENAFN) Australia's TPG Telecom announced a USD1.08 billion bid for rival iiNet in a merger that would form the nation's second-largest Internet service provider, The Peninsula Qatar reported.
iiNet chairman Michael Smith said the offer was a "significant reward" for shareholders and described the USD1.06 billion price tag as a "tangible measure" of the company's value.
Sydney-based TPG has 748,000 broadband customers and Perth-based iiNet has 975,000, which combined would push it ahead of Singtel Optus' almost one million estimated customers.
"iiNet and TPG are highly complementary businesses in terms of geographic presence, market segments and corporate customer base," TPG's chief executive said in a statement.
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