Vodafone New Zealand to buy TelstraClear for NZ$840m
The acquisition will "create a new force in the New Zealand market", says Allan Freeth, CEO of TelstraClear.
Vodafone New Zealand is planning to acquire TelstraClear’s voice- and data-based services, network infrastructure and New Zealand customer base for NZ$840m.
TelstraClear is the New Zealand subsidiary of the Australian telecommunications firm Telstra Corporation.
David Thodey, CEO of Telstra, said the deal is a natural one, bringing together TelstraClear’s fixed telecommunications and data products and corporate client base with Vodafone New Zealand’s wireless offering and retail customer base.
“Telstra will continue to service our trans-Tasman customers on a longer-term basis through an agreement with Vodafone New Zealand,” said Thodey.
Allan Freeth, CEO of TelstraClear, said:
The deal represents another period of TelstraClear’s history, growing from a local telco on the Kapiti coast into one that now enjoys an international reputation. Our hard working staff should feel extremely proud of what they have achieved. The announcement will not change the quality products and services TelstraClear provides to its customers. It will be business as usual for all of our customers.
The acquisition, if approved, will create a new force in the New Zealand market in readiness for the ultra-fast broadband roll-out and will provide customers with a full suite of fixed and wireless telecommunications and data products.
We look forward to working with Vodafone New Zealand to continue to provide outstanding service and products to our customers all around New Zealand.
The sale is contingent on the approval of the New Zealand commerce commission, the ministry of business, innovation and employment and the overseas investment office.