Telecom closes Australian chapter

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

Relevant offers

Industries

New internet cable's legal hurdle Slowdown in China hits exports IAG wears rising costs of rebuild NZ-made software faces hitch in US First-home buyer woes worsen Small wineries sip profits $1 billion added to Canterbury quakes bill Foodstuffs sells land near Government House Local boy at the helm Labour dispute: Lyttelton Port injunction dismissed

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