Broadland Group entered into a binding agreement to acquire United Networks Limited (ASX:UNL) in a reverse merger transaction on September 13, 2019. Under the terms of the transaction, United Networks will issue its 266.6 million shares to the shareholders of Broadland Group. The new shares issued will be placed in escrow for 12 months from the date of issue. Upon completion, the shareholders of Broadland will own 67.93% stake United Networks. No capital raising will be required for the acquisition. On completion, a majority of the existing United Networks's Board and all senior executives will remain with United Networks. Victor Tsaccounis from Broadland will become Chief Executive Officer of United Networks and will join the Board whereas Nick Ghattas will become Chief Operating Officer of United Networks. Transaction is subject to approval of shareholders of United Networks at the annual general meeting on October 21, 2019. The acquisition will increase both revenue and the profitability of United Networks. Post completion, United Networks is expected to be trading EBITDA positive.

Broadland Group completed the acquisition of United Networks Limited (ASX:UNL) in a reverse merger transaction on October 21, 2019. UNL issued 266.6 million shares to Broadland Group. UNL confirms that Victor Tsaccounis will be joining the board as Chief Executive Officer effective October 22, 2019. He will be replacing Nicholas Ghattas as Chief Executive Officer who will also be stepping down from the board effective as of October 22, 2019. Transaction was approved by shareholders of UNL on October 21, 2019.