MARET GROUP ENTERS AGREEMENT TO ACQUIRE THE FIXED WIRELESS INFRASTRUCTURE OF SPIRIT TECHNOLOGY SOLUTIONS (ASX:ST1)
09/05/2022 – FOR IMMEDIATE RELEASE
Maret Group is thrilled to announce that it is has entered into an agreement to acquire the fixed wireless infrastructure from ASX listed Spirit Technology Solutions, via its subsidiary, Maret Infrastructure Pty Ltd. It also enters into a partnership to provide wholesale services to Spirit. This marks the third major acquisition for Maret Group in 18 months.
“This network is strategically important, and complementary to our existing fixed wireless network” Paul Torrisi, Maret Group CEO, said on the transaction. “This network is the best of its kind in Australia, and when combined with our licenced spectrum and existing networks is a pivotal point in our plans to establish a substantial fixed 5G network” he continued.
The terms of the deal enable Spirit to purchase wholesale data services to supply their existing and new customers, and access Maret’s superior 5G network as it comes online in FY23.
“This is a highly important transaction for the company, and we are able to retain end-to-end service ownership of the business customers in addition to accessing an exciting new range of advanced fixed wireless products using Maret Group’s spectrum assets.” Sol Lukatsky, Spirit Group Managing Director commented on the agreement.
The combined acquired and existing Maret network provides the company over 600 towers and substantial coverage of the East Coast population, the largest fixed wireless access network in Australia. The deal is expected to complete in early June.
Maret Group was advised by Jason Bignell of 333 Capital and represented by Thomson Geer and Cooper Mills.
Spirit Technology Solutions was advised by Mark Nesbitt of Latimer Partners and represented by Baker Mackenzie.
Enquires may be directed to:
Paul Torrisi – Chief Executive Officer
Maret Group Pty Ltd