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Tuesday, 05 July 2022 11:00

Swoop swoops on Moose Mobile

Swoop CEO Alex West Swoop CEO Alex West

Fixed wireless and wholesale network infrastructure provider Swoop Holdings has acquired Queensland-based MVNO Moose Mobile for $24 million.

Moose, which uses the Optus network, provides more than 94,000 mobile services to its customers.

"This is an exciting time for Swoop to be joined by the amazing founders and team from Moose who have specialised in marketing mobile services to residential customers. Their subscriber growth has been outstanding over the last few years with over 94,000 active customers and increasing aggressively in recent times and are motivated to achieve more as a combined group," said Swoop CEO Alex West.

"The most exciting part is the cross-sell potential into the residential broadband space, with over 94,000 users a target to provide Swoop fixed wireless and NBN internet services through; as well as nearly 26,000 residential Swoop customers that could receive a Moose mobile service.

"This acquisition is also in line with our previous transactions in that is provides strong cash generation, with a very high proportion of the EBITA converting to cash that continues our strong positive net operating cashflow; and brings the overall group closer to free cash flow after our capital investments, heading into the next financial year."

The $24 million price comprises $19 million in cash (funded from Swoop's Westpac debt facility) and $5 million in Swoop shares, which will be held in escrow for 12 months.

$2.85 million of the cash payable on completion will be held in escrow for six months to cover potential claims and adjustments.

The transaction is expected to close on 1 August 2022.

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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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