The acquisition from My Mobile Data Pty Ltd - which trades as OVO Mobile - comes with the signing of a binding agreement by the two companies, with the transaction expected to complete “imminently”.

The ASX-listed Amayisim said the acquisition - expected to be earnings accretive - would bring its total subscriber base to 1.17 million.

Amaysim (ASX: AYS) said the acquisition of OVO subscribers accelerates one of the company’s strategic initiatives to grow its recurring mobile subscriber base.

Migration of OVO subscribers to amaysim is expected to complete in less than four months, following the recent migration of 41,000 Jeenee subscribers in less than three months.

amaysim’s Chief Executive Officer and Managing Director, Peter O’Connell said, “The acquisition of OVO Mobile’s subscribers is further evidence of the execution of our strategic initiative to grow the recurring mobile subscriber base, both organically and through bolt-on acquisitions.

“Under our asset-light operating structure, we are able to scale the subscriber base with no, or nominal, additional resources, delivering positive future earnings from the acquired base.

“Having completed the integration of Jeenee Mobile in less than three months, we have the skills and experience to accomplish an efficient and successful migration and we look forward to welcoming OVO customers to the amaysim family.

“We have been pleased with how our business has performed in the second half of the financial year, despite the current challenges facing the economy, and we’re delighted to be able to report that we are on track to achieve our FY2020 underlying EBITDA guidance.”