Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Vodafone to acquire full ownership of Farmside

Vodafone New Zealand completes transaction to acquire full ownership of Farmside

Vodafone New Zealand Limited (Vodafone NZ) today announced it has reached an agreement with TeamTalk Limited (TeamTalk) (NZX: TTK) to buy the remaining 30 percent stake in BayCity Communications Limited, trading as Farmside, for $3.0 million.

In June 2017 Vodafone New Zealand purchased 70 percent of Farmside for $10 million in cash. As a part of this transaction, Vodafone retained the right to acquire the remaining 30 percent for $3.0 million at any time within a three-year period. Today Vodafone exercised that right.

Farmside’s General Manager, Jason Sharp, says the acquisition is exciting for the business which will continue to operate as a separate entity to Vodafone NZ.

“It’s business as usual for our customers and our team here in Timaru, we can continue to do what we love, which is connecting rural New Zealanders. This investment is a significant opportunity to enhance services and products available to our customers”.

“It also drives home the importance of the Farmside brand, its value and level of trust within the rural community is significant, which Vodafone has recognised” Jason says.

Vodafone’s Chief Executive, Russell Stanners says the investment further deepens Vodafone’s commitment to rural communities.

“With Farmside now firmly a part of the Vodafone whanau, we can continue to deliver better outcomes for these communities and increase our presence in the rural broadband market”.

TeamTalk and Vodafone are working closely together to ensure the services provided by TeamTalk are successfully transitioned. Vodafone has no plans to make major changes at this time - staff and operations will continue to be based in Timaru, and all the services Farmside currently offers to rural customers will continue.

The ownership change becomes effective from midnight 31 May 2018.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Still Gaining: More Migrants Head Back Overseas

Annual net migration is down 4,800 from a high point a year ago, largely because more non-New Zealand citizens are leaving the country, Stats NZ said today. More>>

Christchurch: Red Zone Used To Boost Endangered Bee Population

“May 20 has been declared World Bee Day by the United Nations, and I am pleased to announce today that we have been able to use the red zone to protect and grow our native bee stocks,” says Minister Megan Woods. More>>

Trips, Support, Conferences For Agents: Insurers Spend $34 Million On Soft Commissions

“We are concerned that insurers are designing and offering incentives that potentially set advisers up to fail in complying with their obligations.” More>>

ALSO:

Privacy Commissioner: Facial Recognition Tech Not Reliable

The Privacy Commissioner says businesses should take great care when using facial recognition technology because there is a high risk of misidentification. More>>

Compliance Costs: Cheesemakers "Have A Reason To Smile"

Delighted to be a guest at The Great Eketahuna Cheese Festival today, Mr O’Connor launched the Food Safety Template for Cheesemakers – a tool to help cheesemakers producing cheese for New Zealand and Australia to meet food safety requirements. More>>

Te Uru Rākau: NZ Forestry Now Future Proofed

The Associate Minister of Forestry the Hon Meka Whaitiri says the launch of Te Uru Rākau will mean that the New Zealand forestry industry will be future proofed. More>>

ALSO:

Minister Of Tourism Speech: TRENZ 2018

Tourism is an economic bedrock. It’s our biggest export earner, employs hundreds of thousands of people, and the industry is the world’s window into our beautiful country. More>>

ALSO: