Telstra Purple, Telstra’s managed services and consulting arm will pay $30 million in cash for Aqura Technologies, a networking and connectivity provider that many big mining firms rely on.
Veris, the company that owns Aqura, stated in a filing that the transaction would be completed by the end of February, subject to closing conditions and clearances.
Veris stated that it had received “a number of unsolicited bids” for Aqura and that “the sale of Aqura to Telstra Purple represents a compelling conclusion for all of Veris’ stakeholders, including shareholders.”
“Following the sale of Aqura, Veris will be able to retire all bank debt and be fully funded with a solid balance sheet and considerable net cash position,” said chair Karl Paganin in a statement.
“This balance-sheet strength will put Veris in a good position to pursue its growth aspirations for Veris Australia and will support the further expansion of Veris Australia’s digital and spatial data-as-a-service strategy.”
Aqura Technologies has provided LTE solutions to mining companies like Rio Tinto, BHP, and FMG.
