Australian telco SingTel Optus has reportedly finalised the AUD230 million (USD232 million) acquisition of local wireless broadband operator Vividwireless, The Australian reports. Optus is understood to have now made an AUD170 million cash payment to Seven Group Holdings for Vividwireless, while the remaining AUD60 million will be paid out upon the reissue of the operator’s wireless spectrum concessions.
As previously reported by CommsUpdate, the acquisition of Vividwireless was announced by Optus in February 2012, at which date the latter claimed that the move – which will give it access to up to 98MHz of frequencies in the 2.3GHz band – would allow it to roll out a new 4G mobile broadband network. With such plans in mind, on the back of confirming the finalisation of the acquisition, Optus has announced that it will build two major Long Term Evolution (LTE) testing facilities in St Marys in Western Sydney and at the Optus Campus in Macquarie Park.
Commenting on the development, Optus consumer chief executive Kevin Russell remarked: ‘The successful completion of the Vividwireless deal reinforces our commitment to being a leader in 4G and in providing Australians with a range of high speed mobile services.’