iTWire - Superloop inks broadband contract with Origin Energy
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Thursday, 14 March 2024 10:31
Superloop inks broadband contract with Origin Energy Featured
Telco provider Superloop has signed an exclusive six-year contract to provide internet services to energy company Origin Energy and its subsidiaries, Origin.
Last November 2023, Superloop launched its Hosted Backhaul solution. An unnamed retail service provider (RSP) has moved to Superloop to deploy the solution, signing a contract that is expected to generate more than $30 million.
Building on this momentum, Superloop will now provide wholesale services to two of Australia’s largest energy companies.
Superloop said the contract will see the migration of Origin’s broadband customer accounts, currently 130,000 and growing, onto its network. Transition will begin during FY25. It is estimated Superloop’s customers will increase approximately to 560,000 at that time.
Superloop estimates the contract will generate an excess of $19 million annualised earnings once the base is fully transitioned.
Other details include:
In consideration for the contract award, Origin is issued 9,847,690 Superloop shares upfront on signing, another 9,847,690 Superloop shares on the completion of the migration of 130,000 customers, and up to another $30 million of Superloop shares subject to achieving further customer growth milestones.
Origin has previously communicated its ambition to grow its broadband customer base to 600,000 subscribers by FY26.
Granted 55,672,002 options upfront on signing (equating to approximately 10% of Superloop’s diluted share capital), entitling Origin to purchase the same number of Superloop shares at the prevailing volume weighted average price (VWAP) of Superloop shares on the trading day before Origin exercises its option.
“It [the contract] delivers a change in step in our customer numbers and cements our market position as a leading wholesale broadband and backhaul provider. In order to create strong alignment and pursue growth in broadband customers, we are delighted to welcome Origin as a shareholder and to issue it an option to acquire further shares,” said Superloop CEO Paul Tyler.
“Australia’s energy retailers are investing heavily in product bundling and we are very pleased to be the partner of choice for reliability, service, and value,” Tyler said.
“In addition to Origin’s wholesale subscriber base, we are pleased to report that Superloop has continued the strong momentum in its own subscriber base, adding 21,000 subscribers in the first two months of this calendar year (in addition to the 40,000 subscribers added in the six months to December 2023),” Tyler revealed.
“With accelerating growth in our consumer segment and the record H1 sales backlog ($9 million annualised new sales) in wholesale which will all be billing by the end of the half, Superloop expects to continue strong growth in FY25.”
“The announcement of this material wholesale contract, coupled with the strong operational performance demonstrated in our existing business, reaffirms our confidence in the delivery of our three-year ‘Double Down’ strategy and the underlying value being created for shareholders.”
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