Cable & Wireless Optus today announced the sale of Dingo Blue, a wholly owned subsidiary, to AGL for $22 million.

The sale will help forge close ties between two great Australian companies. The sale allows AGL to diversify and add value to its clients, while Optus gains by a closer relationship with one of Australia's leading companies.

Norman Gillespie, Deputy Chief Executive and Chief Financial Officer of Cable & Wireless Optus, said the sale of dingo blue to AGL marked a significant and exciting new phase in the development of this innovative and successfully growing start up.

"Having given birth to dingo blue as an innovative communications company in its use of web-based marketing and services, we are delighted to be forging a close relationship with AGL, its new owners, to build a significant new distribution channel for Optus and a growth opportunity for dingo blue.

"We've had a growing relationship with AGL and this sale represents the beginning of a more comprehensive partnership between us. We are pleased that Optus, dingo blue and AGL are now combining their considerable resources to develop this business model on a grander scale. This is a win win for all," Mr Gillespie said.

For more information:
Stephen Woodhill
Cable & Wireless Optus
Phone: (02) 9342 7850