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Singapore Telecommunications Ltd’s (ASX:SGT) Australian business Optus has struck an $800 million deal that will see the telco migrate its customers to the national broadband network.

From 2014 Australia’s second largest telco says it will start progressively migrating its hybrid fibre coaxial cable customers to the network.

CEO Pat O’Sullivan says the deal is a fair one for Optus and the company intends to use the NBN to turbo-charge competition. 

Approvals from the Australian Competition and Consumer Commission and the Australian Tax Office are still required.

Singapore Telecommunications generated a profit of $2.9 billion in the 2010 financial year.