Telecom Purchases Sky Shareholding

Thursday, 22 February 2001, 1:05 pm
Press Release: Telecom New Zealand

Telecom today purchased a 12.12 per cent shareholding in Sky Network Television Ltd.

Telecom purchased 46.74 million shares in Sky from Tappenden Holdings Ltd at a price of $4.12 per share. The total price paid by Telecom was $192.6 million

Chief Executive Theresa Gattung said the shareholding would support the ongoing development of the business relationship between Telecom and Sky.

“Our investment in Sky supports Telecom’s transformation into an online and communications group, at the forefront of convergence in Australasia,” Ms Gattung said.

“We are forming strong relationships with other key players in dynamic markets for communications, information and entertainment services,” she said.

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