Likewize to acquire Optus Insurance Services

Likewize announced that it has entered into an agreement to buy 100% of the shares of Optus Insurance Services Pty , a wholly owned subsidiary of Singtel Optus, the second-largest wireless carrier in Australia. Likewize also announced that it signed a fifteen-year agreement to exclusively provide Optus customers with device insurance services, plus device replacement and upgrade programs. The total consideration under these agreements is around $140 million.

Likewize, formerly Brightstar, has operations in ~30 countries, offering mobile repair services and device protection insurance. The company distributes its products through carriers (Boost Mobile is one partner), retailers and enterprise customers. SoftBank owns 25% of the company.

“This is a very significant acquisition for us. 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. We believe that this acquisition, together with several, recent large customer wins, position Likewize to continue to deliver strong growth moving forward.” – Rod Millar, Likewize CEO.

“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, the world’s leading tech protection company. This means Optus will go further in meeting customer needs, expanding our offering, and growing this part of our business accordingly.” – Matt Williams, Optus managing director Products and Revenue.

The transaction is expected to be completed in the second quarter of the 2022 calendar year, subject to regulatory approval.