Australian telecommunications company Telstra has agreed to sell its New Zealand-based subsidiary TelstraClear to Vodafone.
Telstra will offload the Auckland-headquartered firm’s voice and data-based services, network infrastructure, and customer base for NZD 840.00 million (USD 661.80 million).
Commenting on the transaction, David Thodey, chief executive of Telstra said: “The deal is a natural one, bringing together Telstra’s fixed telecommunications and data products and corporate client-base with Vodafone New Zealand’s mobile offering and retail customer base.”
He added: “The transaction is consistent with Telstra’s overall strategy and capital management framework that we outlined in April.”
The deal, which remains subject to approval by regulatory bodies, includes an agreement with Vodafone New Zealand to ensure service continuity in the country for trans-Tasman customers.
TelstraClear is one of the largest communications companies in New Zealand, according to its website.
The business was formed in 2001 when TelstraSaturn acquired Clear Communications, and introduced its triple play phone, cable television and internet service in 2003.
It is headed by chief executive Allan Freeth.
Telstra is based in Melbourne and is Australia’s leading telecommunications operator.
If offers over 8.20 million fixed line and 13.10 million mobile services nationally and has also established an international presence in 15 countries.
Formed by the Commonwealth government as the Overseas Telecommunications Commission in 1946, it was later known as the Australian Telecommunications Commission, and has been operating under its current name since 1995.
Vodafone is the world’s leading telecommunications company, according to its website, and is active throughout Europe, the Middle East, Africa, Asia-Pacific and the US.
Headquartered in the UK, the firm has been listed on the London Stock Exchange since 1988.
It recorded revenue of GBP 46.42 billion in the year ended 31st March 2012, up 1.2 per cent on the previous year.
© Zephus Ltd
|