Spirit Tech to acquire Nexgen for $50 million | IT Wire

Listed tech provider Spirit Technology Solutions has announced that it has reached an agreement to acquire telecommunications provider Nexgen for $50 million and has also raised about $23.8 million from institutional investors.

The acquisition is expected to be completed on or about 8 April.

The company said in a statement to the ASX on Wednesday that it had also obtained an increased debt facility from the Commonwealth Bank, up by $10 million to $25 million to back the purchase.

Earlier known as Spirit Telecom, the firm changed its name to Spirit Technology Solutions last year along with its acquisition of security services provider Intalock.

Related Articles