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CIMIC Group’s (ASX:CIM) Ventia awarded $400m contract with NBN Co

Industrial
ASX:CIM
13 July 2021 14:30 (AEST)

Source: Ventia

CIMIC Group (CIM) investee Ventia Group has been awarded a $400 million contract with NBN Co.

The deal with Ventia’s Visionstream Australia telecommunications business will span 2.5 years and supports NBN’s plans to extend fibre deeper into communities.

Ultimately, CIMIC said works carried out under the contract would make NBN’s highest wholesale speed tiers available to around eight million premises — or up to 75 per cent of homes and businesses on the fixed line network — by 2023.

Further, the program is geared to continue NBN Co’s rollout of fibre, meaning eligible premises that are already connected via fibre-to-the-node technology will progressively gain access to fibre-to-the-premises technology.

Commenting on the deal, Ventia Group CEO Dean Banks said the company was proud to extend its long-term relationship with NBN Co.

“We will be using our knowledge of the nbnTM network — combined with our extensive experience managing other large-scale telecommunication network build and maintenance programs — to continue supporting the delivery of improved digital connectivity for our communities,” he said.

The contracted activities are planned for delivery throughout Queensland, New South Wales and Victoria and will commence immediately.

Shares in CIMIC Group were up by one per cent to trade at $19.79 each at 3:34 pm AEST.

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