NBN's $800 million dollar cable network deal with Optus is going ahead

Photo: Getty Images

The Australian Competition and Consumer Commission has given the green light to NBN’s $800 million deal to buy Optus’ broadband network and TV.

Under the revised agreement, NBN will gradually take ownership of the HFC network with plans to connect 4 million homes and businesses with high speed broadband.

The rollout has already begun in Australia’s regional areas with NBN deploying next-generation 5G technology for its rural internet users in Australia “with the promise of 10 gigabit per second downloads speeds” and “near-zero signal lower lag time”.

In the meantime, Optus customers on the HFC network will be migrated to NBN services as both companies continue to share bandwidth on the network over the next 15 years.

“It’s the right decision for moving forward the roll out of a multi-technology NBN, and the right decision for accelerating Australia’s transition to a more competitive, world class broadband future,” said Optus vice president of corporate and regulatory affairs, David Epstein.

The approval come just two months after the ACCC approved NBN’s takeover of Telstra’s copper and HFC networks allowing the national broadband network to deliver high-speed internet sooner and at much less cost.

“We look forward to working with NBNCo on making the transition smooth and timely,” said Epstein.

“This transaction has the potential to bring forward significant revenue and customer numbers for NBN Co.”

NBN estimates the network will reach 1.9 million homes and businesses nationwide by mid-2016.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.