Origin has entered into an agreement with Superloop to provide broadband wholesale services, as part of Origin’s drive to expand its customer base.
The new service agreement comes as Origin targets the next phase of growth for its broadband business, which has seen customer numbers increase five-fold since 2021
New broadband customers contributed to Origin reporting customer growth at the fastest rate in two and a half years in the half-year ended 31 December 2023, as more households take up bundled electricity, gas and broadband offerings for their home. For two years, Origin has won comparison website Canstar Blue’s ‘Most Satisfied Customers for Bundled Energy and Telecommunications’ award.
Origin’s Head of Retail, Jon Briskin, said that Origin has seen significant growth in its broadband business since it was established in 2018 and its focus now is on integrating market-leading broadband services with its strengths in electricity, gas and customer experience, providing customers with the simplicity of bundled services for their home.
“Our agreement with Superloop will support Origin’s broadband growth strategy and help deliver value as we focus on growing customers and our breadth of offering consistent with our ambition to provide unrivalled solutions to customers,” Mr Briskin said.
Origin’s broadband customers do not need to do anything; Origin and Superloop will work together to ensure a smooth transition to the new wholesale supply arrangements.
To strengthen the strategic alignment between the parties, Origin will be issued 9,847,690 Superloop shares upfront, with another 9,847,690 Superloop shares upon migration of Origin’s existing broadband customers to the Superloop platform. Origin will also be entitled to up to $30 million in Superloop shares upon meeting certain customer thresholds. The balance of shares is to be granted if and when certain customer milestones are met in the future.
The issue of Superloop shares to Origin is subject to receipt of applicable shareholder and regulatory approvals.
Additionally, Origin has been granted an option to acquire up to approximately 55.7 million Superloop shares, exercisable at market value for a period of 12 months.
Superloop is an independent fibre infrastructure provider designing, constructing and operating networks throughout the Asia Pacific region.
