Lendlease’s Optus telecommunications unit is merging with Optus Communications Group to form Optus Optus Media Holdings, the company said in a statement on Friday.
The combined entity will offer digital and mobile internet access, as well as mobile and video content.
Optus will continue to operate as an independent company.
Optus said it would pay the merged entity an undisclosed cash payment.
Optuses Media Holdings has already announced the formation of two new companies: Optus Network Holdings and Optus Online.
“We are pleased to announce the formation a new joint venture between LendLease and Optuses Networks,” Lend lease chairman Kevin Lynch said.
“We have been working hard to develop a solution to the ongoing telecommunications crisis and this new venture will be an opportunity to deliver that solution.”
The new company will be able to offer a wider range of digital and telecom services to the Irish market, including mobile and mobile video, video streaming, and VoIP services.
Lendlease said it had more than 7,000 customers in Ireland, with almost 10,000 of those customers in the UK.
The company also said it has a strong presence in the US, Canada, South Africa and Germany.
Lindy Cramer, managing director of research at consultancy research firm Ovum, said the new company’s potential would be significant for consumers, as it could offer a number of different products and services, including a data-delivery service.
“The combined company should provide a good range of broadband, broadband-only, and broadband-plus services,” she said.
“However, the combined entity’s potential will depend on its ability to provide high-quality digital video and content offerings in a differentiated manner.”
Lend lease is part of the broader Optus Group, which includes Telstra and Optos Telecom.
The combined company will not only provide services to consumers but also offer an opt-in to data-retention programs, the acquisition of assets and the acquisition and development of other businesses.LENDLETA is one of a number companies that have been floated on the New York Stock Exchange in recent weeks, with some of them seeking to be valued at $50 billion or more.
Optos and Lendlease are valued at more than $10 billion, respectively.
Optos, which was acquired by Verizon Communications in January, has about 300 million customers in Europe, North America and the Middle East.
It was previously called Lend Lease.
Opto and Lantus have also teamed up to provide VoIP-enabled mobile voice and data services.