Thursday, 12 July 2012
Telstra bought out by Vodafone NZ
Vodafone New Zealand has entered into an agreement to acquire TelstraClea, for a cash consideration of NZ$840 million (GBP 430 million).
Vodafone New Zealand is the country’s largest mobile operator with more than 2.4 million customers. TelstraClear is the second largest fixed operator in New Zealand with extensive fixed network assets and capabilities. Its customer base includes government and large corporations, small and medium enterprises as well as consumers.
Vittorio Colao, Vodafone Group Chief Executive, said: “The proposed transaction offers significant benefits for New Zealand businesses, consumers and the country as a whole. TelstraClear’s infrastructure and capabilities are highly complementary to those of Vodafone New Zealand. The combined business will have the breadth and depth of resources and skills to meet our customers' long-term integrated communications needs.”
Telstra had aspired at one stage to be a 3G MNO in its right, but chose the MVNO route via Vodafone in the end.