Vocus can buy NextGen Networks for $807 million after the competition watchdog gave the deal the green light.

The purchase includes 17,000 kilometres of internet cables and the Australian Singapore Cable and North West Cable System, assets that let Vocus transfer data traffic overseas much cheaper than if it had to buy capacity off another operator.

Vocus Communications raised $652 million to buy Nextgen and two development projects. Credit:Tanya Lake

Management also provided a trading update after Vocus shares were punished on Tuesday and Wednesday, dropping from an opening price of $7.14 on Monday to close at $6.09 on Wednesday. However, shares were up on Thursday at $6.30, a 3.45 per cent increase.

Chairman of the Australian Competition and Consumer Commission [ACCC], Rod Sims, said "the market expressed very little concern over the proposed acquisition".