Seven Group Holdings Ltd : Seven Group Agrees to Sell vividwireless to Optus
Seven Group agrees to sell vividwireless to Optus
02/20/2012| 06:33pm US/Eastern
20 February 2012 -- Seven Group Holdings Limited (SGH)
announced today that it has reached an agreement for
Seven Group Holdings Limited | ABN 46 142 003
Mobile Pty Ltd (Optus) to acquire vividwireless Group Limited
(VGL) from SGH.
Optus will acquire 100 per cent of VGL, which owns and
operates two wireless broadband businesses trading under the
brands vividwireless and unwired. This includes the operating
businesses, the customer bases, spectrum licences and
vividwireless' 4G network.
In March 2010, vividwireless launched Australia's first 4G
wireless broadband service in Perth including a new network.
Its network has since expanded to cover select parts of
Sydney, Melbourne, Adelaide, Brisbane and Canberra.
Recognising the value created by vividwireless, Optus is
seeking to accelerate its own rollout of a nationwide 4G
network through the acquisition of vividwireless. Optus has
agreed to pay SGH $230 million for VGL.
Mr. Peter Gammell, CEO of SGH said: "This transaction is the
most logical step forward for vividwireless as it allows the
business to more rapidly deploy TD-LTE services than might
otherwise have been the case. We are very proud of the
achievements of vividwireless. For SGH, this sale recognises
value for the investment in vividwireless and positions the
business to grow with further investment from Optus."
The successful completion of the transaction is subject to a
number of conditions, including the 2.3Ghz spectrum licence
renewal, and approval from the ACCC and the FIRB.
Simon Francis Tim Allerton
(02) 8777 7162 (02) 9267 4511
38-42 Pirrama Road | Pyrmont NSW 2009 Australia | Postal
Address: PO Box 777 | Pyrmont NSW 2009 Australia
Telephone +61 2 8777 7777 | Facsimile +61 2 8777 7192
About Seven Group Holdings
Seven Group Holdings Limited is a significant Australian
diversified operating and investment group. The company
delivers shareholders a company with a market-leading
presence in media and the resource services, construction and
infrastructure sectors in Australia, as well as an expanding
business presence in China.
Seven Group comprises WesTrac Group and significant
shareholdings in major media companies in Australia -
encompassing broadcast and subscription television, magazine
and newspaper publishing and online and new media
WesTrac Group is an authorised Caterpillar dealer in its
Western Australia and New South Wales/ACT Service Territories
and in its North Eastern China Service Territory. WesTrac
Group is one of Caterpillar's top five (by sales value)
dealers globally. SGH also owns National Hire Group (which
itself has a 46 per cent shareholding in Coates Hire,
Australia's largest equipment hire business).
In media, Seven Group has a 32.5 per cent shareholding in
Seven West Media, Australia's largest multiple platform media
company comprising Australia's leading television network,
Seven Network, West Australian Newspapers, the leading media
group in Western Australia Pacific Magazines, one of
Australia's two largest magazine publishing companies, and
Yahoo!7. Seven Group also has significant shareholding in
Prime Media and Consolidated Media Holdings, which has a
leading presence in subscription television through a 25
percent shareholding in Foxtel and a 50 per cent shareholding
Premier Media Group.