Singapore Telecommunications (Singtel), on Nov 2, says its subsidiary Optus has acquired amaysim for a consideration of A$250 million ($240.0 million), payable in cash.
Amaysim is the largest mobile virtual network operator (MVNO) in Australia and fourth largest mobile provider in the country with 1.19 million mobile customers as at Oct 20, 2020.
Under the terms of the agreement, Optus will acquire amaysim’s 1.19 million customers and shares. Amaysim will also remain as a standalone brand following the completion of the acquisition.
The MVNO’s net liabilities stood at some A$0.3 million based on its unaudited financial statements as at Sept 30, 2020.
“We are delighted to announce the proposed sale of amaysim's mobile business to our longterm strategic wholesale partner, Optus. amaysim has a first-class team that cares for its customers which Optus has recognised through this acquisition. We believe Optus, with its deep knowledge of our operations, is well-placed to look after our customers and take the growth of the business to the next level,” says amaysim CEO and founder Peter O’Connell.
"I am very proud of the business we have built over the last 10 years and, since listing on the ASX in 2015, we have achieved healthy organic growth complemented by successful strategic acquisitions of Vaya, Jeenee and OVO's customers. We had to continuously reinvent ourselves and adapt to intense competition and despite the challenges, amaysim has grown its mobile subscriber base, delivered best-in-class customer service and maintained its incredible culture,” he adds.
“In only ten years, amaysim has grown to be Australia’s largest MVNO, building a brand and service offering that has resonated with Australian consumers,” said Optus CEO Bayer Rosmarin.
“Already underpinned by Optus’ premium 4G network, amaysim has a customer-oriented philosophy which very much aligns with Optus’ own customer-first approach. Optus will keep the amaysim brand intact and this deal will provide the certainty and backing amaysim needs to power ahead and accelerate its growth in the MVNO segment,” she adds.
In the same announcement, Optus says it has launched Gomo, a digital-only offering in the MVNO market targeting value-conscious Australians seeking easy mobile connectivity.
Under Gomo, customers will be able to access onboarding, service and payments 24/7 under one app. Gomo customers will also be able to benefit from Optus’ premium nationwide.
“Gomo is the go-to solution for Australians who just want more affordable, mobile connectivity, plain and easy. We know customers prefer digital service options, so we’ve prioritised that in our offering, along with flexibility and simple activation, so value-seekers get everything they want, and nothing they don’t,” says Optus managing director of marketing and revenue Matt Williams.
Shares in Singtel closed 1 cent lower or 0.5% down at $2.03 on Oct 30.
See also: Optus renews 12-year master lease with AA REIT for Sydney campus
