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Canadian Phone Retailer Expands into Australia
Published on:
Canada based mobile phone retailer, Glentel is buying a majority stake in the Australian phone retailer, Allphones.
Technically, Glentrel is buying an 83% stake in AMT Group, which owns 210 Allphones and Virgin branded retail stores across Australia. As part of the agreement, the Executive Shareholders will retain an equity stake in AMT Group post the transaction and continue to work in their executive leadership roles.
"For Glentel, AMT Group represents a strategic value opportunity in a new
economic region to grow the international reach of our mobile phone store
network and our retail management
services," said Glentel President and CEO Tom Skidmore.
The total purchase price is AUD $70.6 million, subject to closing adjustments. The purchase price will be funded by Glentel's cash, short-term investments, and debt. Unaudited financial results for the fiscal year ended June 30, 2012 include Sales of approximately AUD $161.9 million and normalized earnings before interest, depreciation, amortization and taxes of approximately AUD $18.5 million.
Tags: [glentel] [allphones] [Australia]
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