MyRepublic has executed a subscriber transfer agreement with Superloop Ltd. The agreement relates to the acquisition of MyRepublic’s Australian National Broadband Network (NBN) subscribers only and does not include any assets or liabilities of the MyRepublic legal entity. The agreement marks the exit of the Singapore-based telco (launched in 2016) from the Australian broadband market effective December 23, 2022, with completion expected shortly thereafter.
MyRepublic and Superloop expect the bulk of the subscriber migration to take place in February 2023, pending the completion of network transition. Customers in Australia will continue to enjoy MyRepublic’s residential and enterprise broadband services until then.
The agreement comes as MyRepublic effects a strategic refocus towards profitability and liquidity, lowering the costs of its operations and renewing its focus on its broadband and mobile businesses in Singapore.
Malcolm Rodrigues, group CEO and co-founder, MyRepublic, said, “I love our Australian business. The amazing work that the team has done for MyRepublic these past few years has been a personal point of pride for me. After much deliberation, however, we have made the decision to pivot towards a profitable business as we move into the next phase of our journey.
“We are thankful for all the support our customers in Australia have shown us. With Superloop’s network infrastructure and scale of operations, we are confident that customers transitioning will be in good hands.”