Swoop Holdings Secures Major Stake in Vonex

Swoop Holdings Limited (AU:SWP) has released an update.

Swoop Holdings Limited has strategically expanded its market presence by acquiring a significant 16.99% stake in Vonex Limited for approximately $2.45 million, financed from its existing cash reserves. This move is part of Swoop’s larger plan to acquire Vonex through a scheme of arrangement, offering a higher bid than the competing proposal from Maxo Telecommunications Pty Ltd, which Swoop believes will deliver greater value to both its own and Vonex’s shareholders.

For further insights into AU:SWP stock, check out TipRanks’ Stock Analysis page.