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Firms go Dodo for internet sale
Addisons Laywers and Minter Ellison have acted on a sale and simultaneous takeover valued in excess of $270 million in the telecommunications sector.
Digital
Firms: Minter Ellison (M2 Telecommunications), Addisons Lawyers (Dodo Internet)
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Deal: Sale of Dodo to listed M2 Telecommunications
Area: Telecommunications
Value: $240 million
Key players: Kristy Dixon, senior associate at Addisons, is acting for the shareholders of Dodo Internet. With support from Addisons partner Michael Ryan, Dixon is also acting for Eftel Limited in relation to its takeover offer from M2. Melbourne-based corporate partners Alberto (pictured) Colla and Richard Dammery advised on behalf of Minters.
Deal significance: The owners of Dodo also control a majority stake in Eftel. A statement from M2 said that the acquisition delivers a profitable and organically growing consumer telecommunications business which is complementary to M2’s existing consumer division. Dodo has 400,000 customers while Eftel offers around 130,000 services.
“This transaction was delivered by [Dixon] working with the Dodo in-house counsel, demonstrating once again that if you have high quality people, you don’t require large teams,” said Addisons’ managing partner Laura Hartley.
