Telecom closes Australian chapter

Last updated 15:33 28/02/2014

Relevant offers


Setting up competing business costs employee $10,000 Union boss Helen Kelly prepares to stand down from CTU due to illness Final pieces of Holcim dome being shipped from Rotterdam EPMU and SFWU merge to form E tū, New Zealand's largest private sector union Ford Australia closure one year and counting Pay equity efforts rewarded at YWCA Equal Pay awards OECD tax boss Pascal Saint-Amans forecasts company tax rates will fall as multinational rorts are stamped out US firm buys Mako Networks out of liquidation Roofing firm warned over anti-competitive agreement Youthful skipper ends first trips at the helm with a full fish hold

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