Optus has finalised its $250 million purchase of Amaysim and acquired the mobile virtual network operator’s (MVNO) 1.2 million customers.
The deal closed today after all conditions precedent to the acquisition were met, the telco said in a statement. The MVNO’s shareholders approved the sale last week which was the last hurdle for the two companies to seal the deal.
Optus said Amaysim would remain a standalone brand under its ownership.
The telco’s CEO Kelly Bayer Rosmarin said the two brands “shared a common challenger spirit which will underpin joint future success”.
“This purchase unites two strong challengers in the market, both with cultures centred on delivering the best possible outcome for customers. In ten years, amaysim has built Australia’s largest MVNO through customer growth augmented by its own acquisitions of other brands including Jeenee, Vaya and OVO.
“Amaysim’s brand has resonated with convenience and value-seeking customers in an increasingly competitive market, and Optus will support its continued pursuit of excellence in the MVNO market.”
The two companies entered into a purchase agreement in November 2021.
In December, Amaysim told shareholders it had found a buyer for all assets left over from the Optus sale. Under the terms of the deal the buyer, WAM Capital would take responsibility for the planned distribution of all remaining cash to Amaysim shareholders, as well as manage the planned wind up and delisting of Amaysim from the Australian Securities Exchange.
Earlier this month, WAM Capital increased its bid for these assets.
“For Optus, the acquisition of amaysim cements our leadership in the MVNO market and allows us to offer customers another compelling option to connect via our world-class mobile network,” Bayer Rosmarin said.
“I’d like to thank the teams who have come together and worked tirelessly to bring us to this exciting moment and welcome the amaysim team into the Optus family.”