My Net Fone - the group behind various communications brands including MyNetFone, PennyTel and Symbio Networks - is paying $22.4 million for TNZI's carrier grade voice network connecting Europe, North America, Asia and Oceania.

The deal includes TNZI's voice trading capability (custom software and experienced staff) and more than 220 international carrier relationships and interconnect agreements.

It is expected to generate revenue between $90 million and $100 million in 2015-16, with earnings before interest, tax, depreciation and amortisation of around $3.5 million. The latter figure could increase if potential savings are achieved.

The acquisition is being funded with a "low cost" $25 million bank facility that My Net Fone plans to repay within five years with funds generated by the TNZI business.

"The acquisition of TNZI and its international voice business is a huge step up for My Net Fone," said CEO Rene Sugo (pictured).

"This transforms My Net Fone into a significant voice player in the global market.

"It would have taken the company many, many years and a far greater investment to build the team, capabilities, customer base and network reach that this great deal brings us."

In addition to substantially increasing My Net Fone's voice revenues, the acquisition provides the company with an opportunity to use the TNZI network to deliver its services to a wider customer base.

The deal is expected to close by the end of April.