Optus, a wholly-owned subsidiary of Singapore Telecommunications (Singtel), has completed its purchase of amaysim’s mobile business on Feb 1 for A$250 million ($253.6 million).

amaysim is a mobile virtual network operator (MVNO) with 1.2 million subscribers, and is Australia’s fourth largest mobile provider.

Following the agreement, amaysim will remain a standalone brand under Optus’ ownership.

Optus, on Nov 2, 2020, announced that it had entered into a purchase agreement with amaysim to acquire its mobile business for A$250 million. The agreement was approved by amaysim’s shareholders at an extraordinary general meeting (EGM) on Jan 21.

SEE: Singtel and Ericsson to deploy high-end 5G connectivity in Singapore

Get the latest Singapore corporate news stories for FREE

Commenting on the acquisition, Optus CEO Kelly Bayer Rosmarin said 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 ondelivering 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.”

She added, “amaysim’s brand has resonated with convenience and value-seeking customersin an increasingly competitive market, and Optus will support its continued pursuit of excellence in the MVNO market.”

Shares in Singtel closed flat at $2.36 on Jan 29.