The deal – expected to net more than $400 million in annual revenue for Ventia – will involve honing the delivery of design, construction, and maintenance of infrastructure, including lifecycle management across Australia and fixed network services for Telstra’s digital infrastructure facilities.

Additionally, Ventia will be involved in the designing and construction of asset relocation and commercial works, as well as the continuation of some services related to network design and construction.

Wideband, optical fibre, data, IP networks, and wireless plans are all included in the deal.

Ventia CEO and Managing Director, Dean Banks, said the deal would build on an already strong business relationship with the telecommunications giant.

“We are proud to have been a trusted partner to Telstra for nearly 30 years and we are excited to expand our partnership to support their strategic goals,” he said.

Existing contracts between the two companies are set to expire in December, and works under the new contract will begin in early 2025.

Ventia has been trading at $3.45.

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HMC has entered agreements to take on all of iseek’s shares for an upfront cash consideration of $150 million, plus $250 million of scrip in the DigiCo REIT IPO,with major shareholders and founders agreeing to escrow the majority of this until release of the FY25 and FY26 results.

The acquisition means that HMC has altogether secured $2.5 billion worth of strategic operating assets in Australia, with an additional $1.6bn of data centre assets in North America now in the process of exclusive due diligence.

Together, this acquisition package is set to facilitate establishment of an ASX-listed DigiCo Infrastructure REIT (DigiCo REIT) with more than $4 billion of AUM.

The project is on-track to be completed by the end of the calendar year, with DigiCo REIT being a diversified owner, operator and developer of data centres, with a global portfolio targeting stabilised, value-add and development opportunities.

HMC managing director and CEO David di Pilla said the iseek acquisition was an important part of this story.

“iseek is a leading colocation data centre platform with a high quality and diverse customer base across government, hyperscale and enterprise customers,” he said.

“This acquisition is also highly complementary to our recent acquisition of Global Switch Australia with a number of benefits including enhanced geographic and customer diversification.

“The DigiCo platform will have over 100 dedicated people across iseek, Global Switch Australia and StratCap, and represents the beginning of our strategy to build a world-class operating platform providing investors with exposure to institutional grade digital infrastructure assets in both Australia and North America.”

HMC shares rose on the news, and at 11:03 AEDT, they were trading at $10.59 – an increase of 1.97% since the market opened.

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