BUZZ-Australia's Comms Group gains on $6.4 million TasmaNet acquisition
Reuters
May 16, 2025
BUZZ-Australia's Comms Group gains on $6.4 million TasmaNet acquisition
** Shares of Comms Group CCG.AX rise as much as 15% to A$0.069, their highest level since April 24
** IT services firm says it will acquire the business and assets of TasmaNet, a Tasmanian IT firm, for A$10 million ($6.41 million)
** Following the acquisition, co expects combined proforma annualised revenue of A$75 million and annualised underlying EBITDA of A$9 million - A$10 million
** Stock set for biggest intraday gain since April 15, if current trend holds
** CCG down 25.9% YTD
($1 = 1.5605 Australian dollars)
(Reporting by Adwitiya Srivastava in Bengaluru)
((Adwitiya.Srivastava@thomsonreuters.com))
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