Vocus said it has no intention other than to hold the stake as a strategic investment in Macquarie Telecom.
The company acquired the “relevant interest” in Macquarie Telecom under an equity-swap deal.
“The investment is not expected to have a material effect on Vocus' business and operations or its financial position and performance,” the Australian company said.
Macquarie Telecom’s share price has declined by 33.5% in the past year. According to reports, several shareholders have been concerned about the costs and profitability of the company’s cloud computing businesses.
The announcement follows Vocus’ acquisition of the remainder of Perth-based Amcom Telecommunications in December 2014. Upon approval of its shareholders, the combined entity would become a $1.2 billion telco.
The acquisition is part of an ongoing plan from Vocus’ CEO James Spenceley to better compete with its rival Singtel-Optus.
