A North Texas firm that provides assistance with mobile devices is taking on an acquisition with a deal valued at more than $100 million.
Likewize Corp. announced Tuesday it landed an agreement to buy Optus Insurance Services Pty Ltd., a subsidiary of Singtel Optus Pty Ltd. — one of Australia’s largest mobile phone carriers.
The Southlake company also announced a 15-year deal to exclusively provide Optus customers with device insurance services, plus device replacement and upgrade programs.
The statement said that the total consideration under these agreements is approximately $140 million.
Likewize, which has about 4,000 employees, is making the move after shifting its global headquarters to Southlake from Florida. It operates in over 30 countries.
The company offers services for mobile devices around areas that include technology insurance, extended warranties, repairs and trade-ins. There’s also help for customer service and recycling of devices.
“This is a very significant acquisition for us,” Rod Millar, Likewize CEO, said in the statement. “It strengthens our device protection portfolio, creates a long-term partnership with one of Australia’s leading mobile carriers and increases our ability to scale and deliver unprecedented levels of service to all customers in that market.”
The transaction is expected to be completed in the second quarter of 2022, subject to regulatory approval.
“The structure of the arrangement also enables Optus to provide our customers with new, more flexible and more complete products for device repairs, upgrades and replacements, provided through our partnership with Likewize,” Matt Williams, managing director, products and revenue, for Singtel Optus, said in the statement.
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