Ventia (ASX:VNT) and Telstra (ASX:TLS) signed a five-year strategic agreement.
The deal is expected to generate more than $400 million annually for Ventia, for a total of more than $2 billion over five years.
Under the terms of the agreement, Ventia will manage the lifecycle and fixed network services for Telstra’s digital infrastructure facilities across Australia. This includes the design, construction and maintenance of critical digital assets. The agreement also includes large-scale asset relocations and commercial works, as well as continued support for the design and construction of key network elements, such as broadband networks, fiber optics, data, IP networks and wireless systems.
Dean Banks, CEO and Managing Director of Ventia Group, commented: “We are proud to have been a trusted partner of Telstra for almost 30 years and we are excited to expand our partnership to support their strategic objectives.
The new contract will come into force at the beginning of 2025, after the existing contracts expire at the end of December 2024.
Ventia shares are trading up 2.9% at $3.55.
