Thursday, August 22, 2013

CitySpring unit to acquire 100% of OpenNet for $126mil

CitySpring unit to acquire 100% of OpenNet for $126mil
THURSDAY, 22 AUGUST 2013 17:17

CitySpring Infrastructure Management, the trustee-manager of CitySpring Infrastructure Trust, said that CityNet Infrastructure Management, a wholly-owned subsidiary of CitySpring, has agreed to acquire 100% of OpenNet for a total cash consideration of $126 million. This transaction is subject to regulatory approvals.

OpenNet designs, builds and manages an open, high quality fibre network for Singapore’s Next Generation Nationwide Broadband Network (Next Gen NBN).

The shareholders of OpenNet are SingTel Interactive, Axia NGNetworks Asia, SPH Net and SPT Net, with equity interests of approximately 30%, 30%, 25% and 15% respectively.

“We believe this acquisition will streamline the industry where NetLink Trust will be responsible for the Next Gen NBN fibre network, in addition to the ducts, manholes and central offices used by the network which we are already responsible for,” said Yap Chee Keong, Chairman, CityNet. “More importantly, we hope to continue the earlier success of the NBN rollout, to achieve greater efficiencies for the next phase of growth.”

With the acquisition, NetLink Trust will become the sole owner of OpenNet and the NextGen NBN fibre network. CityNet, as trustee-manager of NetLink Trust, will integrate OpenNet’s operations and staff to ensure that there is a seamless continuation of the Next Gen NBN roll out and provisioning of services.

CityNet will also be responsible for the future maintenance and deployment of fibre network across Singapore, including the installation of fibre at customer premises.

“We recognise the success and achievements of OpenNet. OpenNet achieved 95% island-wide coverage by mid-2012, surpassing the government’s original target timeline of 2015,” said Yap. “We will work closely with the team for the benefit of consumers, companies and the country.”

Publish date: 22/08/13

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