United Networks says it has reached an agreement to buy Broadland. The Woolloomooloo-headquartered telco plans to offer 266,544,433 shares for the deal.

In its preliminary financial report, the company revealed a net loss of $1.1 million, even though revenues were up 12.8 percent at $3 million.

The acquisition is expected to increase revenue and profitability of United Networks, boost the combined business’ pro forma revenue to $17.6 million and be EBITDA positive.

Most of United Networks’ existing board and all of its senior executives are expected to remain and Broadland MD Victor Tsaccounis will be named CEO post-acquisition.