LONDON (Alliance News) - Broadband services provider Bigblu Broadband PLC said on Monday it has sold the customer base and relevant infrastructure of Australian subsidiary SkyMesh Pty Ltd to connectivity services provider Superloop Ltd for AUD1.5 million, or GBP854,000.
The disposal includes 11,000 fibre customers serviced under the NBNCo broadband access network.
Proceeds from the sale will go towards funding exceptional and reorganisation costs within Australia, as well as reduce Bigblu's senior debt with HSBC and fund future acquisitions.
"Bigblu's focus is on serving customers outside the fibre footprint via a variety of alternative broadband offerings including satellite, fixed wireless, 4G and 5G and we feel that that the structure of the fibre broadband market under the NBNCo scheme does not suit our focused alternative broadband business model," said Chief Executive Officer Andrew Walwyn.
"We're very grateful to these fibre customers for their support whilst they've been part of the Bigblu family and we're confident they will be very well looked after in the future by Superloop who are real specialists in delivering fibre services," Walwyn added.
Shares in Bigblu Broadband were down 2.3% at 112.35 pence on Monday.
Bigblu Broadb. (BBB)