31 October 2012
Vodafone Completes Acquistion of Telstraclear
Vodafone New Zealand today announced the completion of its acquisition of TelstraClear Limited (“TelstraClear”) for a cash consideration of NZ$840 million.
The transaction, which was announced on 12 July 2012, received final regulatory approval on 30 October 2012 and completed on 31 October 2012.
Vodafone New Zealand Chief Executive Russell Stanners said he was pleased the transaction has completed.
“We can now start bringing the businesses together and releasing the potential for our customers. Our combined strength in both mobile and broadband means we can help our customers do their thing better – whether that’s mobile services, broadband, pay TV or sophisticated ICT services across New Zealand.
“Vodafone and TelstraClear are now one business, operating as separate business units, with a strong focus on continuing to deliver a great experience to Vodafone and TelstraClear customers.”
Vodafone will be communicating with customers from both companies over the coming weeks to provide more information.
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About Vodafone New Zealand
Vodafone New Zealand is an indirect wholly owned subsidiary of Vodafone Group and the largest mobile operator in New Zealand with over 2.4 million customers. Vodafone has invested more than NZ$4bn in New Zealand since entering the market 14 years ago and its local management team has a strong track record of growth. Vodafone was the first operator to bring the mobile internet to New Zealand and, in partnership with the New Zealand Government, is now adding to and upgrading its mobile network to extend fixed-wireless broadband and mobile services to rural communities. For more information, please visit: www.vodafone.co.nz
Prior to its acquisition by Vodafone, TelstraClear was a wholly owned subsidiary of Telstra Corporation and one of New Zealand’s largest full service communications companies, providing products and services to the business, government, wholesale and residential sectors. For more information, please visit: www.telstraclear.co.nz