Superloop has paid approximately $13 million to secure MyRepublic’s 52,000 NBN subscribers, as the latter company pulls out of the Australian market.

The deal is purely for the acquisition of subscribers, and doesn’t include any of MyRepublic’s assets or liabilities.

MyRepublic subscribers will join Superloop from next month, after what MyRepublic group CEO and co-founder Malcolm Rodrigues calls “a strategic refocus towards profitability and liquidity, lowering costs of operations and a renewed focus on its broadband and mobile businesses in Singapore.”

“I love our Australian business,” Rodrigues said.

“The amazing work that the team has done for MyRepublic these past few years has been a personal point of pride for me.

“After much deliberation however, we have made the decision to pivot towards a profitable business as we move into the next phase of our journey.”

Superloop CEO Paul Tyler said the $13 million acquisition is expected to add $6.5 million EBIT within the first 12 months.

“This purchase is strongly accretive for shareholders as it provides growth at scale at a very attractive multiple of approximately 2x EBITDA (post synergy),” Tyler said.

“Superloop’s unique, highly automated platform will allow for a seamless migration process with MyRepublic customers benefitting from Superloop’s attractive NBN plans.”