Superloop looks to grow wholesale footprint with $165m acquisition

Superloop has entered into a binding Share Purchase Agreement to acquire 100% of Lynham Networks Pty Ltd, the parent company of Lightning Broadband, for $165 million.

The acquisition aims to position Superloop as a national Fibre-To-The-Premises (“FTTP”) challenger.

The acquisition covers Lightning Broadband's wholesale FTTP network with ~54,000 secured lots across VIC, NSW, ACT, SA, QLD and WA, including ~24,000 built lots and ~30,000 further contracted lots for future delivery.

An FFTP lot is defined by Superloop as a distinct location in a building with a separate Network Termination Device and Unique Location ID, typically either an individual FTTP lot or student accommodation bed.

The acquisition also includes Lightning Broadband's retail and wholesale broadband operations with ~14,000 Services In Operation (SIOs).

The acquisition expands Superloop’s Smart Communities division to a total contracted footprint of 170,000 lots across an existing constructed network of ~84,800 lots and a  further ~85,500 lots for future delivery.

Smart Communities is a business department within Superloop that primarily offers managed Wi-Fi solutions to student accommodations, hospitals, hotels and public spaces, as well as providing managed wholesale FTT(X) services to purpose built residential areas.

Lightning Broadband operates an open-access wholesale network across 400+ Multi-Dwelling Units (MDU) and Single-Dwelling Unit (SDU) developments, as the default last mile fibre provider in these designated areas, supported by Statutory Infrastructure Provider (SIP) status under Australian telecommunications legislation.

The purchase price of $165 million represents a ~15x FY27 EV/EBITDA based on forecast EBITDA of $11 million (pre-synergies) and ~10x on a post-synergies basis, with $5 million of synergies anticipated to be achieved within three years.It is expected to be EPS accretive in FY27.

The acquisition will be fully funded from existing cash and the company’s debt facility.

"The combination of Lightning Broadband with Superloop's existing Smart Communities portfolio, including the acquisition of Frontier Networks during the first half, creates a serious challenger to incumbents," Superloop CEO Paul Tyler said.

"With a combined built and contracted book of approximately 170,000 lots, we have clear visibility of long-term sustainable growth.

"Lightning Broadband's strength in MDUs complements our expertise in broadacre, build-to-rent and Purpose-Built Student Accommodation. Our existing fibre network, including 2,500km of metropolitan footprint, enables direct connection to Lightning Broadband buildings, driving cost synergies and increasing network resilience."

The acquisition is expected to complete in the 4th quarter of FY26, subject to regulatory approvals.

Superloop returned to profit in FY25, with the company’s results revealing that its NPAT of $1.2 million was up $16 million from FY24’s results.