{"id":1971,"date":"2010-03-12T07:00:42","date_gmt":"2010-03-12T15:00:42","guid":{"rendered":"https:\/\/edelalon.com\/blog\/?p=1971"},"modified":"2017-09-21T09:19:26","modified_gmt":"2017-09-21T16:19:26","slug":"shareholders-approve-tpgs-373m-pipe-buy-out","status":"publish","type":"post","link":"https:\/\/www.edelalon.com\/blog\/shareholders-approve-tpgs-373m-pipe-buy-out\/","title":{"rendered":"Shareholders Approve TPG’s $373M PIPE Buy-out"},"content":{"rendered":"

\"\"<\/a>Pipe Networks shareholders have voted in favour of a $373 million acquisition by TPG Telecom.<\/p>\n

The deal will hand TPG \u2014 which entered a trading halt this morning — an extensive dark fibre network between the eastern states of Australia, including the Pipe Pacific Cable (PPC-1) link between Sydney and Guam.<\/p>\n

Shareholders voted in 94 per cent in favour of the deal. Final approval for the deal will be sought in the Brisbane Supreme Court on March 17.<\/p>\n

TPG announced its intention to acquire Pipe late last year, and would not consider paying more than $6.30 per share.<\/p>\n

Pipe shareholders had expressed concern since the proposed deal was announced. One shareholder told ARN the deal was a \u201cdisaster for the industry\u201d and claimed TPG CEO, David Teoh, was known as a tough deal maker.<\/p>\n

Teoh will remain CEO of SP Telemedia, formed in early 2008 under $230m acquisition of Soul Communications by TPG.
\n\"\"<\/a><\/p>\n

The PPC-1 cable project was near collapse last year after funding was pulled, but ISPs agreed to sign on as early customer,<\/p>\n

An iiNet spokesman said the deal was positive for the industry.<\/p>\n

An Internode spokesperson told ARN last year the deal would create a \u201cserious\u201d conflict of interest between TPG and Pipe\u2019s wholesale customers.<\/p>\n

Pipe was unavailable for comment at the time of publication.<\/p>\n

References:
\nhttp:\/\/www.computerworld.com.au\/article\/339429\/shareholders_approve_tpg_373m_pipe_buy-out\/?fp=4194304&fpid=1<\/a>
\nhttps:\/\/edelalon.com\/blog\/2009\/06\/electricity-from-the-sea\/<\/a>
\nhttps:\/\/edelalon.com\/blog\/2009\/04\/cable-laying-has-commenced-in-guam\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Pipe Networks shareholders have voted in favour of a $373 million acquisition by TPG Telecom. The deal will hand TPG \u2014 which entered a trading halt this morning — an extensive dark fibre network between the eastern states of Australia, including the Pipe Pacific Cable (PPC-1) link between Sydney and Guam. Shareholders voted in 94 […]<\/p>\n","protected":false},"author":1,"featured_media":1972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[9,44],"tags":[280,281],"class_list":["post-1971","post","type-post","status-publish","format-standard","has-post-thumbnail","category-guam","category-technology","tag-cable","tag-internet"],"yoast_head":"\nShareholders Approve TPG's $373M PIPE Buy-out • Edel Alon<\/title>\n<meta name=\"description\" content=\"Hello, we have well thought out reading topics on technology, leadership, project management, food, weddings, and tools to help your daily life. Need some Excel tips or wedding planning advice? 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