ASX-listed junior telco amaysim Australia has acquired OVO Mobile in a $15.8 million deal that helps the company beef up its mobile subscriber base.
The telco and energy retailer, which is in talks to sell its energy business, told the ASX on Wednesday that it would acquire OVO’s 77,000 mobile subscribers and absorb the company’s brand.
Peter O’Connell, amaysim’s chief executive officer and managing director, said the acquisition, which is expected to be completed within four months, is part of plans to grow the company’s recurring mobile subscriber base. The acquisition will grow amaysim’s total subscriber base to 1.17 million.
“Under our asset-light operating structure, we are able to scale the subscriber base with no, or nominal, additional resources, delivering positive future earnings from the acquired base,” Mr O’Connell said.