Telecom closes Australian chapter

TOM PULLAR-STRECKER
Last updated 15:33 28/02/2014

Relevant offers

Industries

Health insurers call for action on skyrocketing health costs NZ Musician publishes its last magazine, moves online after 29 years Fuji Xerox monitored by Government procurement agency, SFO will consider any new information Internet out for the day in parts of the Waikato More nostalgia as Whittaker's launches toffee milk chocolate bars Last cruise ship to leave New Zealand waters after bumper season MetService adverts too annoying, smartphone users complain Another four-day weekend: How to pull off a sickie 2degrees owner seeks to cut interest bill EV road trip heads slowly up NZ, stopping at fast chargers

Telecom has left the Australian market after today completing the sale of AAPT to Australian-listed firm TPG Telecom for A$450 million ($481 million).

In 1999 Telecom bought 78 per cent of AAPT, Australia's third-largest telco at the time, lifting its ownership to 100 per cent a year later. It spent over $2.2b on the purchase.

TPG, which is valued on the ASX at A$4.5 billion, has seen its shares appreciate 20 per cent since the deal was announced in early December.

Telecom chief executive Simon Moutter said the sale reflected Telecom's desire to focus on its New Zealand operations and the needs of New Zealand customers.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content