The innovation in Australia's communications industry came a little closer today, as Aussie Broadband made a play for emerging phone player, Symbio Holdings.
Symbio was started in Sydney around the same as Aussie Broadband, with a strong view that companies would replace copper wire phone networked with internet phones. It grew its networks through Australia, New Zealand and Singapore – and is expanding into other parts of south-east Asia. Aussie Broadband's non-binding offer for Symbio is worth $270 million and that caused its shares to jump by around 17 percent on the markets today.
Superloop, a company created by entrepreneur Bevan Slattery, had already bid $250 million for Symbio but has now walked away.
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