Swoop acquires WA housing estate fibre for $500K

Swoop has acquired the conduit and fibre assets in a housing estate in Western Australia in a $500,000 deal that is expected to generate $1.2 million in revenue over the next three years.

The acquisition was paid for in an all-cash offer for the assets located in Seacrest Estate, which is located near Geraldton, from the original builder and covers approximately 900 existing homes.

Swoop CEO Alex West said the acquisition is the start of a long-term strategy to deliver returns on high margin fibre products.

“We will continue to look at other opportunities in this space, as well as focusing on building our own Swoop Infrastructure brand as an alternative for developers looking for greater service and value from their projects,” he said.

“This latest acquisition further strengthens Swoop’s position geographically across the country and sets the business up with significant firepower remaining to explore other transactions and deliver growth in our key products.”

The acquisition comes a week after the telco announced the divestment of its wholesale voice business Voicehub to Gold Coast-based telecommunications provider Pivotel for $9 million.