Optus has completed its $250 million acquisition of budget MVNO operator, Amaysim, with the brand now becoming a subsidiary of Optus.

Commenting on the closure of the acquisition, Optus CEO Kelly Bayer Rosmarin has said that the two brands shared a common challenger spirit which will underpin joint future success.

“This purchase unites two strong challengers in the market, both with cultures centred on delivering the best possible outcome for customers. In ten years, amaysim has built Australia’s largest MVNO through customer growth augmented by its own acquisitions of other brands including Jeenee, Vaya and OVO,” and that “amaysim’s brand has resonated with convenience and value-seeking customers in an increasingly competitive market, and Optus will support its continued pursuit of excellence in the MVNO market.”

The closure comes after Optus announced in November last year, it was purchasing the company, the brand and its customers at the same time they were launching their own purely online budget brand, Gomo, with Amaysim shareholders last month approving the sale of Amaysim to Optus.

It also came after Amaysim in September last year stated it would be going to the market to begin searching for a new network services agreement with one of the three major telcos as its current agreement with Optus is due to expire in June 2022.

Ms Bayer Rosmarin further stated that:

“For Optus, the acquisition of amaysim cements our leadership in the MVNO market and allows us to offer customers another compelling option to connect via our world-class mobile network.”

It remains to be seen what this means for Gomo and Amaysim going forward given both brands are targeting the same budget and value conscious customers but we will be watching to see what develops in the future.

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I’m surprised that this happened. It was only last year that Amaysim acquired OVO.