Australia's Superloop gains on subscriber transfer deal

Superloop

23/12/2022 24:19

** Shares of fibre network operator Superloop Ltd  SLC.AX 
rise as much as 5.9% to A$0.72 — set for their best day since
Oct. 24, if gains hold
    ** Stock sees best weekly gain since Nov. 4
    ** Co says it has executed a subscriber transfer agreement
to acquire about all of MyRepublic Pty's 52,000 National
Broadband Network subscribers at A$250 ($166.88) per subscriber
    ** SLC says total consideration of A$13 mln ($8.68 mln), if
all potential subscribers migrate
    ** Says acquisition is expected to add A$6.5 mln of EBITDA
(earnings before interest taxes depreciation and amortisation)
to co in the first year on post synergy basis
    ** SLC at its highest level since Dec. 15
    ** Stock is down ~43% YTD, as of last close
($1 = 1.4981 Australian dollars)
 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))