April 13, 2015
M2 Group Limited (MTU) announced today that it has entered into binding agreements to acquire 100% of both Call Plus Group and a related entity, 2Talk Limited, collectively referred to as “Call Plus”, for total consideration of A$245 million. On the back of today’s announcement, shares in MTU surged to record levels, closing the day at $11.55, up 10.7%.
Founded in 2000, Call Plus is New Zealand’s third largest provider of broadband and fixed voice services. The acquisition is highly earnings accretive and is expected to result in underlying FY2016 earnings per share accretion of approximately 15% for MTU.