Symbio shareholders approve Aussie Broadband takeover

Aussie Broadband’s $262 million acquisition of unified communications-as-a-service provider Symbio moved a step closer, with Symbio shareholders voting in favour of the deal.

The acquisition was first mooted in September 2023, in a proposal that originally valued Symbio at $271 million.

Aussie Broadband’s offer outbid previous negotiations between Symbio and Superloop that put a $243 million value on Symbio.

In October 2023, Symbio’s board accepted Aussie Broadband’s bid.

Today, Symbio CEO Rene Sugo announced on LinkedIn that shareholders had voted in favour of the deal.

“Bringing together these two great Aussie companies will create an even bigger tech success story, poised to achieve more great things,” Sugo wrote.

“The Symbio executive team and I are excited by this opportunity and focused on planning a smooth integration.

“I thank all the staff – past and present – for their hard work, resolve and innovation that contributed to the growth and success of Symbio,” he wrote.

About Author

AndyC

Andy Curtis is an award-winning security consultant, researcher and public speaker. He has been working in the computer security industry since the early 1990s, having been employed by state and federal government, leading healthcare and banking providers across three continents. He has given talks about computer security for some of the world’s largest companies, worked with law enforcement agencies on investigations into hacking groups, and is a regular voice on TV and radio explaining IT security threats.

See author's posts