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Comms Group Sells onPlatinum for $30m, Raises FY26 Guidance
The ASX-listed telecom firm offloads its managed IT unit and lifts revenue forecast by 32% as it refocuses on core communications.
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Comms Group (ASX: CCG) has agreed to sell its onPlatinum managed IT unit to Australian IT services provider Thinkex Holdings for $30 million. The deal includes a $28.5 million cash payment on completion and $1.5 million held in escrow for 12 months.
The company will also provide transitional services for 12 months across select operational and corporate functions to ensure continuity for customers, suppliers, and employees. Comms Group appointed global investment banking boutique Q Advisors as financial advisor on the divestment.
Proceeds will be used to reduce net debt and strengthen the balance sheet, with a capital return to shareholders planned. The onPlatinum division was acquired in 2022 for $12 million and had been a solid contributor, broadening Comms Group's product offering into managed IT and cloud services across Queensland, New South Wales, and Victoria.
The company said the divestment sharpens its focus on core cloud communications, unified communications, domestic telecoms, and global services. Chief executive officer Peter McGrath said the move would simplify operations and return capital to shareholders while allowing both companies to pursue their respective strategic priorities with greater focus.