ACCC Says “Yes” To Optus Amaysim Takeover
The ACCC will stand aside and allow Optus to buy out low-cost mobile operator Amaysim following its bruising loss in court over the TPG/Vodafone merger.
Optus announced earlier this month that it would acquire Amaysim in a $250 million takeover, at the same time as it launched its own mobile virtual network operator (MVNO), Gomo.
An ACCC spokesperson told the Australian Financial Review that the consumer watchdog was not going to conduct a public review into the deal. The ACCC lost a costly court battle to block the merger between TPG and Vodafone in February, and cited the TPG/Vodafone decision in its reasoning.
“We are aware of concerns regarding wholesale access for MVNOs and resellers, which could have been addressed by more wholesale suppliers in the market.
“We will continue to monitor the MVNO/reseller market and the ability of MVNOs to acquire access to wholesale services. A lessening of competition is not prohibited by merger law, only a substantial lessening of competition,” the spokesperson said.
Amaysim founder and CEO Peter O’Connell has hailed the deal as good news for the company.
“Amaysim has a first-class team that cares for its customers which Optus has recognised through this acquisition. We believe Optus, with its deep knowledge of our operations, is well-placed to look after our customers and take the growth of the business to the next level,” he said.
Shareholders will vote on the takeover bid, which the Amaysim board has unanimously endorsed, in January 2021.