Likewize has announced it will buy 100 per cent of the shares of Optus subsidiary and enter a 15-year agreement to provide Optus customers with device insurance services, device replacement and upgrade programs.
The acquisition and partnership agreements cost A$200mn or US$140mn.
Likewize CEO Rod Millar said: “This is a very significant acquisition for us.
“It strengthens our device protection portfolio, creates a long-term partnership with one of Australia’s leading mobile-carriers, and increases our ability to scale and deliver unprecedented levels of service to all customers in that market.
Optus managing director products and revenue Matt Williams said: “The structure of the arrangement also enables Optus to provide our customers with new, more flexible, and more complete products for device repairs, upgrades and replacements, provided through our partnership with Likewize, the world’s leading tech protection company.
“This means Optus will go further in meeting customer needs, expanding our offering, and growing this part of our business accordingly.”
The transaction is expected to be finished by mid 2022 if regulatory approval is granted.
