Deal profile | Gadens advises Aussie Broadband on its acquisition of Symbio Holdings and associated $140m capital raising

Gadens has advised Aussie Broadband Limited (ASX:ABB) on its $262 million acquisition of 100% of Symbio Holdings Limited (ASX:SYM) by way of a scheme of arrangement offering Symbio shareholders a mix of cash and scrip consideration.

Gadens led a large team of local and foreign counsel through all phases of the deal from the initial approach to implementation.

Gadens also advised Aussie Broadband on its associated equity capital raising to raise $140 million, which comprised an institutional placement to raise $120 million and a share purchase plan to raise $20 million.

Aussie Broadband is an Australian operated telecommunications and technology company that formed in 2008 in Morwell, Victoria. Aussie Broadband is the 5th largest provider of broadband services in Australia and is one of only six tier 1 voice providers in Australia.

Gadens advised ABB on its initial public offering in late 2020 and has subsequently advised on a range of secondary capital raises and major M&A including its acquisition of Over the Wire Holdings Ltd (ASX: OTW) in March 2022.

Commenting on the transaction, lead partner Jol Rogers said: “We are delighted to have supported Aussie Broadband’s Board and management team on yet another significant acquisition. The transaction demonstrates ABB’s exciting growth trajectory.”

Practice groups: Corporate

Value: $262 million

Key team members: The transaction was led by corporate partner Jol Rogers and supported by Gary Lim (Special Counsel) and Eylem Onal (Associate) with support from Natalie McCabe (Special Counsel) on the court approval. Gadens drew on all specialist teams within the firm to conduct due diligence on Symbio to support the debt financing of the transaction.