Telecommunications provider M2 has announced that it has secured the contracts and customer records for 15,000 Austar mobile customers in a deal worth $2 million.
M2 CEO Vaughan Bowen said the deal will generated annual revenues of approximately $10 million for the company.
"Whilst only relatively modest in scale, this transaction represented an opportunity to cost effectively expand our Southern Cross Telco business with the sizable, high-quality Austar mobile customer base," he said.
"Our Hobart-based customer operations team has considerable experience in supporting the telco requirements of regional Australia, having specialised in that market for more than a decade, which will ensure that the Austar mobile customers are enthusiastically welcomed."
The news comes just weeks after M2 announced that it was acquiring of Clear Telecoms in a deal worth $2 million.
Austar recently sold its 2.3GHz and 3.4GHz wireless spectrum to the National Broadband Network Company (NBN Co) for $120 million.