Telecom closes Australian chapter

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

Relevant offers

Industries

Auckland Council will no longer buy land for parks in established suburbs Magnate Hugh Green's family urged to settle differences over family trusts Unison Networks defends price hike for consumers with solar panels A timely lesson from our Aussie supermarket cousins Several possible reasons for Countdown closures, says First Retail Group Ray White signs deal with Lianjia as it launches into China Woolworths Australia tipped to sell Ezibuy as part of restructure Australian parent Woolworths closes six Countdowns House prices could fall 11 per cent by late 2019, as building catches up: Infometrics Woolworths Australia to close dozens of stores, cut 500 jobs

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