Optus Hopes to Buy Amaysim For a Casual $250 Million [Updated]

Optus Hopes to Buy Amaysim For a Casual $250 Million [Updated]

Baby telco Amaysim looks like it will be selling its business to Optus for a cool $250 million.

Optus made the announcement on Monday, saying that it was looking to purchase the Mobile Virtual Network Operator (MVNO). At the present time Amaysim is powered by the Optus network in Australia.

What Optus buying Amaysim means

At the time of writing Amaysim is the fourth largest mobile provider in Australia and has a customer base of 1.19 million. Once Optus makes the purchase it will also take over the company’s shares.

Despite the announcement, the sale is still subject to certain conditions such as payment adjustments and the approval of the MVNO’s shareholders.

The deal is expected to be completed by January and if successful Amaysim will delist from the ASX by June, 2021.

“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,” Amaysim CEO, Peter O’Connell, said in a press release.

“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.”

As the transition won’t happen until at least mid-2021 nothing will change for the time being. And the good news for customers is that it doesn’t sound like much will alter moving forward, either.

“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,” Optus CEO, Kelly Bayer-Rosmarin, said in an email to Gizmodo Australia.

This seems to mean that current Amaysim plans with remain firmly intact.

O’Connell is also of the belief that Optus will look after its customers.

“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.”

This article has been updated to include a statement from Optus.