Telstra to sell TelstraClear to Vodafone for NZ$840 million

Telstra to sell TelstraClear to Vodafone for NZ$840 million

Telstra will sell TelstraClear, its New Zealand subsidiary, to Vodafone New Zealand for NZ$840 million.

As a result of the sale, Vodafone New Zealand will acquire TelstraClear’s voice and data-based services, network infrastructure and New Zealand customer base.

Telstra Chief Executive Officer, David Thodey, says the deal is a natural one, bringing together TelstraClear’s fixed telecommunications and data products and corporate client base with Vodafone New Zealand’s substantial wireless offering and retail customer base.

“Telstra will continue to service our trans-Tasman customers on a longer-term basis through a binding agreement with Vodafone New Zealand,” Mr Thodey says.

TelstraClear CEO, Dr Allan Freeth, says the deal represents another period of TelstraClear’s history, growing from a local telco on the Kapiti coast into one that now enjoys an international reputation.

“Our hard working staff should feel extremely proud of what they have achieved.”

The announcement, he says, will not change the quality products and services TelstraClear provides to its customers. “It will be business as usual for all of our customers.”

“The acquisition, if approved, will create a new force in the New Zealand market in readiness for the ultra-fast broadband roll out and will provide customers with a full suite of fixed and wireless telecommunications and data products,” he says.

“We look forward to working with Vodafone New Zealand to continue to provide outstanding service and products to our customers all around New Zealand.”

Dr Freeth says the sale is contingent on the approval of the New Zealand Commerce Commission, the Ministry of Economic Development, and the Overseas Investment Office. This is expected to take some months.

Ends

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