Telecom closes Australian chapter

02:39, Feb 28 2014

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.

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Fairfax Media