Internet service provider MyRepublic has announced its exit from the Australian market to sharpen its focus on its broadband and mobile business.
The telecom operator executed a subscriber transfer agreement with Superloop Ltd, which acquired its Australian National Broadband Network (NBN) subscribers excluding assets or liabilities of its MyRepublic legal entity.
MyRepublic and Superloop expect the bulk of the subscriber migration to take place in February 2023 pending the completion of the network transition.
“Customers in Australia will continue to enjoy MyRepublic’s residential and enterprise broadband services until then,” the firm said.
The agreement comes as MyRepublic effects a strategic refocus towards profitability and liquidity, lowering the cost of operations. However, there is no update on its operations in New Zealand.
MyRepublic’s CEO Malcolm Rodrigues said the company took this decision after much deliberation to pivot towards a profitable business.
Headquartered in Brisbane, Australia, Superloop operates 894 kilometres of metropolitan fibre networks across Australia, Singapore, and Hong Kong, connecting more than 309 data centres and commercial buildings.
Last year, the company said it was seeking out new revenue in the enterprise space, which offered significant growth potential for the company.