TPG swoops on cloud hosting firm
Makes generous bid for IntraPower
TPG Telecom, the Australian ISP, is to buy cloud hosting outfit IntraPower for $12.8m, well above market price.
IntraPower has offices in Sydney, Melbourne and Brisbane and provides IT, infrastructure, voice and data communications services to around 2000 customers.
TPG executive chairman David Teoh said “the TPG Group's network and data centre services together with IntraPower's proven capability will enable TPG immediately to meet the emerging demand from customers for the benefits that can be obtained from cloud computing."
He added that TPG would also benefit from network and data centre integration as a result of the transaction.
IntraPower's board collectively own 20 per cent of the company and unanimously recommends that shareholders accept the TPG proposal.
IntraPower chairman Mike Aher said the company’s growth potential would be significantly improved if the business is part of a larger organisation.
TPG has spend some years broadening its base through acquisitions. In 2008 it bought Soul Telecom, and the following year it acquired fibre operator Pipe Networks. ®