M2 Group could be one step closer to merging with Vocus, after both companies were granted a share trading halt on the Australian Securities Exchange this morning.
Both trading halts will lift on Monday after the results of today’s court hearing in relation to the merger is released.
In September, the two telcos announced they would enter into an all-scrip merger, creating a telco giant worth more than $3 billion.
The combined entity would add up to a total annual revenue of about $1.8 billion. On top of the combined revenue, the companies stated they expected "cost synergies" of about $40 million per year by the end of the 2018 financial year.
The deal was approved by watchdog Australian Competition & Consumer Commission in November.
The ACCC said there was limited overlap between the two companies, with M2’s brands Dodo, Engin, Commander and iPrimus, being aimed more at the residential and small business markets, while Vocus focuses on the enterprise and government market.
M2 shareholders will vote on the merger in "early 2016".
.png&h=142&w=230&c=1&s=1)
.png&w=100&c=1&s=0)
.png&h=298&w=480&c=1&s=1)
