Tex Edwards, 2degrees founder, sells shares to Trilogy
Tex Edwards, 2degrees founder, sells shares to Trilogy International
2degrees and Tex Edwards announced today that Tex and KLR have transferred all their interests in 2degrees to existing shareholder Trilogy International New Zealand LLC or back to the company. The terms of the transfers are confidential.
Mr Edwards founded the company in early 2001, providing the initial capital himself. He built a cohesive team, introduced investors, acquired radio spectrum and worked in the business for over a decade, setting it up to roll out a nationwide network to challenge the duopoly of Telecom and Vodafone and it now holds a 23 percent share of mobile connections.
2degrees Chairman Brad Horwitz says the sale brings to an end Mr Edwards’ involvement with 2degrees after more than a decade participating on the senior executive, on the board, and on the share register.
“Tex’s vision, canny analysis and dogged persistence were instrumental in the company becoming a full service competitor in the New Zealand telecommunications market with 1,000 staff, 95% population coverage and more than one million customers,” he says.
“Tex saw an opportunity to introduce real competition to the New Zealand mobile market and give Kiwis a better deal. He arrived from London and started from a hotel room in Auckland, making a deep personal commitment to the company, investors, and customers and to competition in general.”
Mr Horwitz says Tex took the biggest of risks, investing his own capital and personally guaranteeing the company’s liabilities and commitments in the early days.
“In a challenging environment, Tex successfully battled to get 2degrees access to critical radio spectrum, fair wholesale mobile termination rates, and other key regulatory settings that paved the way for 2degrees to build a flourishing business,” he says.
“Tex has a deep sense of fairness. He’s unafraid to take on significant challenges and doesn’t sugar coat his views. We respect the position Tex took as a shareholder and an executive and regret the disagreements that arose between us. Fortunately, we were able to resolve them on amicable terms,” says Mr Horwitz.
“Tex’s departure from our share register may be the end of an era, but it is one which we will end as friends. He should be immensely proud of his achievements and what 2degrees – his creation – has delivered to New Zealand consumers and businesses.”
Mr Edwards has issued his own statement commenting on the sale of his interests in 2degrees.
Neither 2degrees nor Mr Edwards will be making any further comment.