Superloop completed the sale of its assets in Hong Kong and Singapore, collecting $140 million and reaffirming its revenue guidance.
The sale of Superloop (Hong Kong) Limited and certain assets of Superloop (Singapore) Pte Ltd to Columbia Capital and DigitalBridge Investment Management. The gross sale price was $140 million, with a cash settlement of approximately $125 million.
As a result, the company reaffirmed its full-year EBITDA guidance of $23 million to $25 million.
The phone company announced the sale in October last year. At the time, the Brisbane company said the price was 30% above the $108 million value of the assets.
Superloop CEO Paul Tyler told shareholders the sale was an important step in the company’s three-year turnaround plan.
“This disposal, with a 30% premium on the book value of the associated assets, strengthens our balance sheet and opens up new avenues for growth.
“Our intention remains to deploy this capital to grow the business aggressively, across all three market segments as a challenger.
“Our focus remains consumers looking for better service and value, businesses looking to move away from underperforming and uncompetitive legacy agreements, and new wholesale partners looking to access a high-quality automated infrastructure on much more flexible terms.
“Our strong net cash position allows us to consider further investments in organic growth and strategically aligned M&A opportunities.”
The telecommunications company also saw growth in its business segment which it attributed to mid-market and enterprise demand for connectivity, SD-WAN, managed Wi-Fi and security products such as SASE.
The company revealed new contracts with Ixom, Coates, ATB Morton, Cedar Pacific, KordaMentha and Penske.
The company’s consumer segment saw its strongest net subscriber growth and its wholesale connection customers, Superloop said, now have more than 16,000 subscribers.
The Exetel acquisition also continues to perform well with all targeted synergies now outdated and the customer base now stabilized, the company said.