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Firms act on online merger

Firms act on online merger

Adam Internet has been sold to iiNet for $60 million.

Firms: Kelly & Co. (Adam Internet); K&L Gates (iiNet)

Deal: The sale of Adam Internet to iiNet

Area: M&A

Value: $60 million

Key players: The Kelly & Co. team was led by M&A partner Jamie Restas (pictured) and senior associate Shane Lloyd

Deal significance: The agreed acquisition, which has received ACCC approval and is due to complete on 31 August 2013, will see iiNet acquire all of Adam’s business, including Adam’s Adelaide data centre and DSLAM and fibre network. Adelaide firm Kelly & Co’s lead partner Jamie Restas said: “It was pleasing to again be involved in a major transaction for the local M&A market. Adam Internet is a successful South Australia-based business and it was pleasing to assist [Adam Internet executive chairman and founder Greg Hicks] to achieve such a great result.”

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