Telecommunications company Swoop said it had made a non-binding offer to acquire 100 per cent of the shares in Brisbane-based Vonex, an ASX-listed telecommunications and internet services provider.

In doing so, Swoop will challenge the existing arrangement between Vonex and Maxo Telecommunications, announced on June 25, 2024.

Swoop’s offer to the chairman of the Vonex board involves a combination of cash and stock valued at $0.040 per Vonex share.

The offer represents a small premium over MaxoTel’s offer of $0.0375 per share.

The proposed plan of separation would allow Vonex shareholders to elect various combinations of cash and fully paid shares of Swoop common stock, subject to certain limitations.

The purpose of the structure is to provide Vonex shareholders with access to a potentially stronger, larger combined entity and the opportunity to benefit from significant synergies.

Swoop anticipates these synergies could translate into more than $5 million in annualized EBITDA.

The company also suggests that Vonex shareholders receiving share-based compensation may qualify for remittance relief.

James Spenceley, CEO of Swoop, noted Swoop’s experience in acquiring and integrating businesses, suggesting that such experience well-positions the company to extract significant synergies from an acquisition.

Swoop has received an indicative term sheet and support from its current funder, Westpac, the telco said.

The combined entity would create a larger-scale enterprise, potentially offering more attractive investment opportunities on capital markets.

Swoop forecasts pro forma revenue for the combined business in fiscal 2024 of approximately $137 million.

ASX-listed Swoop has completed a series of acquisitions, buying Speedweb, Countrytell, Voicehub, Luminet, iFibre, Beam Internet and Community Communications.

In November 2022, the company also acquired national mobile operator Moose Mobile for $24 million.