acquisition

Melbourne IT Completes Acquisition of Netregistry

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Melbourne IT completed its acquisition of Netregistry on Monday for AU$50.4 million, around $47 million US.

The Australian web hosting company announced its intention to acquire its competitor Netregistry in February. Netregistry is a privately held company owned 100% by Australians

In a filing with the Australian Securities Exchange (ASX) on Monday, Melbourne IT paid directors of Netregistry in shares of stock at 1.30 a share to Corpsand Pty Limited, Anthony Good, Gavin Mark Cohen, Desmond Cohen and Joel Berstein, which accounts for about 12 million of the purchase price. The rest of the acquisition is to be paid in cash.

According to CEO Peter Findlay, “The completion of this transaction creates a company with greater scale, improved product offerings, and a breadth of operations which will benefit both shareholders and customers as a result of significant merger synergies.”

Netregistry employees 130 people in Sydney. It is unclear how the acquisition will affect current employees and their Sydney data center.

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