does m2 really want whole the primus showbag ?

The bargain acquisitions M2 made in the depths of the GFC are going to be hard to repeat in the environment - the market has recovered somewhat and M2 is a much larger organisation - to grow via acquisition means that have to look at larger fish which inevitably trade on higher multiples.

In the past M2 has resisted buying infrastructure assets and even frequently waved that 'all we want to be a mean lean reseller' flag. They often made it explicit that all they wanted were more customers - not more hardware - now that 'appears' to have changed.

I would not be surprised to see M2 sell some of the divisions of Primus that are not central to their core business - the mix of of debt and equity to fund this acquisition may provide a clue as to how much Primus assets they anticipate selling - that is they will sell roughly the same amount of assets that they can cancel debt financing with.

When you buy a showbag it is highly unlikely you want everything in it !