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In a huge deal that is set to shake up the Internet landscape in Australia, Internet service provider TPG Telecom has announced it plans to buy 100% of its competitor iiNet.
The purchase, worth A$1.4 billion, will see the companies strategically come together in what will be a rival to Australia's largest broadband provider, Telstra. iiNet directors are backing the scheme, which will see TPG purchase the iiNet shares for A$8.60, an amount more than its highest trade price of A$8.36 in December. The final decision will lie with shareholders at a meeting in June.
More about Australia, Media, Us World, Iinet, and Tpg
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