Ventia Services Group (ASX:VNT) Awarded $800M Fibre Upgrade Contract with NBN Co
Contract Details
Ventia Services Group Ltd has been awarded a new contract with NBN Co to upgrade the remaining Fibre to the Node (FTTN) network in Australia. The agreement, managed by subsidiary Visionstream Australia Pty Limited, is valued at approximately $800 million over the next 3.5 years. The project will enable around 175,000 premises to transition from FTTN to Fibre to the Premises (FTTP) across Queensland, New South Wales, Victoria, Western Australia, and Tasmania. The contract includes a two-year extension option at NBN’s discretion.
Executive Comments
Group Chief Executive Officer and Managing Director Dean Banks stated, “This new contract is testament to Ventia and NBN Co’s strategic partnership and we are proud to continue supporting nbn in the delivery of high-speed connectivity to homes and businesses across Australia, particularly in regional areas. Ventia has the experience and strong national presence to manage a project of this scale, and we look forward to delivering this new program of work utilising our customer-focused, innovative and sustainable approach.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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