Superloop Hits Milestone Under Exclusive Origin Energy Contract

MT Newswires Live03-04 13:01

Superloop (ASX:SLC) said there were over 250,000 Origin Energy (ASX:ORG) broadband subscribers on Superloop's network as of Wednesday, hitting a milestone under an exclusive six-year contract to provide wholesale internet services to Origin Energy Retail and its units, according to a same-day Australian bourse filing.

Achieving the milestone triggers an obligation on Superloop to issue shares as consideration to attain and maintain a certain number of broadband customers onto its network, with each tranche of milestone shares being subject to shareholder and regulatory approvals, per the filing.

Superloop's shares added 1% in recent Wednesday trade, while Origin Energy's shares shed 2%.

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