Swoop to sell Sydney fibre assets to Xenith for $4.5m

In summary

Swoop has agreed to sell its Sydney-based fibre assets to Xenith Infrastructure Group for approximately $4.5 million.
Completion is subject to Foreign Investment Review Board approval and is expected in the third quarter of FY27.
Net proceeds will go towards debt reduction and working capital as Swoop focuses on its core consumer telecommunications businesses.

Swoop has agreed to sell its Sydney-based fibre assets to Xenith Infrastructure Group for approximately $4.5 million.

Under a binding share sale agreement, the assets will transfer to Xenith IG Australia Holdings Pty Ltd, a member of the Xenith Infrastructure Group.

Xenith is a Singapore-headquartered digital infrastructure developer with experience in the ownership, development and operation of fibre network assets across the Asia Pacific region, including Australia.

Completion is subject to Foreign Investment Review Board approval under the Foreign Acquisitions and Takeovers Act and is expected to occur in the third quarter of FY27.

The ASX-listed telco said net proceeds will be applied to debt reduction and general working capital. The company added that the transaction is not expected to affect its ongoing operations or continuity of service to customers.

The sale forms part of what Swoop described as an ongoing strategy to realise value from non-core assets and concentrate on its core consumer telecommunications businesses.

In June, Swoop entered into an $11 million deal for the disposal of 100% of the shares of Luminet Fibre (the owner of the Melbourne Fibre Project) to Xenith IG Australia.