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

 

TeamTalk sells remaining 30% stake in Farmside for $3m

TeamTalk Limited (NZX: TTK), the publicly listed telecommunications services provider today announced that it has reached an agreement with Vodafone NZ to sell its remaining 30% stake in BayCity Communications Limited, trading as Farmside, for $3.0 million.

Last year, Vodafone NZ acquired 70% of Farmside for $10 million in cash. That transaction included put and call options that enabled TeamTalk to sell its remaining stake to Vodafone for $3.0 million cash at any time within three years and allowed Vodafone to acquire the remaining 30% of Farmside.

TeamTalk’s Chief Executive Andrew Miller said, “This agreement consolidates TeamTalk’s business. It enables us to focus on our key priorities: rolling out our National Digital Tier III Network and undergrounding our Fibre Network in Wellington’s CBD, to deliver greater resiliency and additional services to customers.”

TeamTalk and Vodafone will continue to work closely to ensure the services provided by TeamTalk under the Management Agreement 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.

Vodafone’s Chief Executive Russell Stanners said, “Rural communities are important to us and this investment further deepens Vodafone’s long-standing commitment to them. With Farmside now firmly part of the Vodafone whānau, we can continue to deliver better outcomes for these communities and increase our presence in the rural broadband market.”

The parties have agreed that the ownership change becomes effective from midnight 31 May 2018.

Andrew Miller said TeamTalk looks forward to an ongoing relationship with Vodafone. “Vodafone and TeamTalk would continue to work together on strategic opportunities where appropriate.”

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>


Westpac NZ: Warns About Sophisticated New Scam
Westpac NZ is warning New Zealanders about a sophisticated new scam that involves a fake Westpac investment prospectus.
The prospectus is formatted to resemble a Westpac document and includes professional-looking imagery... More>>


TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>