Spirit Telecom has agreed to acquire VPD Group, which is the largest and most transformational transaction completed by the company. Post the acquisition, ST1 would have a combined revenue run rate of $70 million to $75 million in FY2021. Further, the acquisition would provide a strong integrated sales opportunity across Internet, Security, Cloud and IT services across every state in Australia.
Virgin Australia could see thousands of jobs being slashed after administrators agreed to its sale to Boston-based Bain Capital. The administrators from Deloitte said the sale and implementation deed is subject to minimal conditions and should be completed before the end of August. Bain's Australian managing director, Mike Murphy, said Virgin would have around 5,000 to 6,000 employees and 60 or 70 planes when it resumes flying in September.
Qantas Airways Limited has successfully completed approximately A$1,360 million fully underwritten placement of nearly A$372.7 million new shares to institutional investors at a per-share price of A$3.65. The Qantas Group mentioned that it had received strong support from both new investors and existing shareholders. Almost 94% of the Placement shares were allocated to its existing shareholders.
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