AGL to acquire Southern Phone.

AGL Energy agreed to acquire Southern Phone, one of Australia’s largest regional telecommunications businesses with 100k customers nation-wide. The offer, if accepted, would see the acquisition of all issued capital of SPC, from its current 35 local council shareholders for $27.5m. The proposal is part of AGL’s plans to pursue growth in the convergence of energy and data, which we believe will bring significant benefits to our customers. “AGL’s first step into the broadband and data sector, which is part of our growth strategy, builds on our strong regional presence as an energy retailer and SPC’s telecommunication services and capabilities. The acquisition allows us to create space for new products and services that meet the needs of increasingly connected customers as energy and data converge," Brett Redman, AGL CEO and Managing Director.