Primus Telecommunications Group Inc. said late Sunday that it agreed to sell its Australian operations to M2 Telecommunications Group Ltd. for about 192.4 million Australian dollars ($200 million).
Melbourne, Australia-based Primus Australia is one of the largest telecommunications providers in Australia, serving consumers and businesses across the country. The deal has been approved by Primus' board and is expected to close in the second quarter of 2012, Primus said.
The sale comes after McLean, Va.-based Primus Telecommunications formed a special committee of directors to explore strategic alternatives for boosting shareholder value, including the possible sale of the company. Peter Aquino, the company's chairman, president and CEO, said that the sale of the Australian operations represents a "significant outcome" for that process.
Also on Sunday, the company said it will separate its Canadian operations into a "pure-play" data center business serving medium and large businesses, and a voice and data services business serving consumers and small- and medium-sized businesses.
Primus said that its special committee continues to look into strategic alternatives for the company.