is set to buy a Melbourne-based white label broadband firm called Acurus for $15 million.
According to Superloop’s announcement, the acquisition will allow the company to expand white label broadband relationships and profitable growth in its subscriber base.
“With this newly acquired white label telco capability, brands from any industry who are looking to broaden their core offering with turnkey telco services now have a great option,” said chief executive officer Paul Tyler.
Acurus’s white label platform and services support the internet offerings behind major brands such as Energy Australia and OfficeWorks.
The acquisition will be funded from Superloop's existing cash reserves. Superloop expects to complete the acquisition in July, subject to approvals.
"Customers will have access to the well-regarded expertise of the Acurus team for integrated white label services combined with Superloop's high-speed infrastructure-on-demand platform and network assets.”
“The acquisition also continues our focus of delivering superior returns to shareholders. The recent sales of our Hong Kong network and parts of our Singapore network have released capital that we will continue to deploy in organic growth and acquisitions, such as Acurus, that add new capability to the overall Superloop offer."
Shares in Superloop (ASX:SLC)
are trading 3.8 per cent higher at $0.82.