Optus to buy Vividwireless for AUD 230 mln

Australian carrier Optus will buy Wimax operator Vividwireless from Seven Group Holdings (SGH) for a cash consideration of AUD 230 million. The agreement includes the transfer of Vividwireless' operating businesses, customer bases, spectrum licences, and 4G network. Through the acquisition, Optus will gain access to up to 98 MHz of spectrum in the 2.3 GHz band, which it plans to use to build a new 4G network using LTE-TDD technology. It will be integrated with Optus' 1800 MHz 4G network, which will be launched in the Newcastle and the Hunter region of New South Wales in April 2012. The successful completion of the transaction is subject to a number of conditions, including the reissue of Vividwireless' 2.3 GHz spectrum licence and approval from the ACCC and FIRB. The acquisition will be funded from internal sources of funds and debt.