April 15, 2012 / 11:10 PM / 5 years ago

Australia's M2 Telecoms buys Primus Telecom for $199 million

MELBOURNE (Reuters) - Australia’s M2 Telecommunications Group MTU.AX said on Monday it has agreed to buy Primus Telecom Holdings, the Australian operations of the U.S. Primus Telecommunications Group Inc PTGI.N, for A$192.4 million ($199 million) in cash.

M2 said it will launch a one-for-four rights offer to raise A$83.1 million to partially fund the acquisition.

The national Primus network, including the iPrimus brand, has about 165,000 residential and corporate customer contracts and had revenues of A$280.2 million in 2011, M2 said.

Reporting by Victoria Thieberger; Editing by Ed Davies

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