M2 buys Primus

ASX Listed M2 Communications has acquired Primus from US parent Primus Telecommunications Group (‘PTG’) in what is reported to be a $192.4 million deal.

It is reported that the transaction is not conditional on shareholder approval, and is due to complete in the second quarter of 2012.

The move comes amid restructuring by PTG of its Australian and Canadian businesses, while the purchase is yet another in M2’s strategic acquisitions, coming hot on the heels of its acquisition of Time Telecom earlier this year.