Aussie Broadband jumps as much as 19.9% on deal to buy AGL's telecom business

Aussie Broadband shares rose as much as 19.9 per cent to A$5.43 in early trade on Monday 2 November 2026, after the company agreed to buy the telecom business of power producer AGL Energy. It was the stock's biggest gain since late August 2025 and took it to its highest level since 18 November. Aussie Broadband was among the top gainers on the broader ASX benchmark, which was up 1.6 per cent.

The consideration includes an upfront payment of A$115 million in Aussie Broadband shares.

Jefferies called the deal "highly attractive", pointing to appealing customer acquisition costs and a strong growth pipeline through AGL's bundled offering. The broker said that, combined with last year's More deal, the acquisition cements Aussie Broadband as a leading wholesale broadband provider and the third-largest NBN service provider in Australia.

Despite the jump, Aussie Broadband shares were up 1.6 per cent for the year to date, against a 3.4 per cent rise for the benchmark.