Business

Telstra backs out of NZ market

AUSTRALIAN telecommunications giant Telstra will pull out of New Zealand, following the sale of TelstraClear to Vodafone NZ for AU$660 million.

Telstra has announced to the Australian Securities Exchange (ASX) that it will sell its wholly owned New Zealand telecommunications subsidy to Vodafone in a deal that will see the telco return approximately AU$381.55 million in cash back to Australia via a pre-completion dividend.

Telstra responded to rumours last month, confirming that it was considering selling TelstraClear.

TelstraClear owns hybrid-fibre coaxial (HFC) networks in Kapiti, Wellington and Christchurch, but also currently wholesales 3G mobile services from Vodafone in a deal signed back in 2009, which was scheduled to expire this year.

Read more at ZDNet.com.au

Topics:  telecommunications, telstra, telstraclear, vodafone nz


Local Real Estate

finda logo
Featured Real Estate
MODERN HOME ON OVER 2... $350,000
House 3 1 2
Beautiful rural... $490,000
3 1 3
FARM MACHINERY TRACTORS... AUCTION
Commercial Farm Machinery - Tractors - Sundries Auction Auction Saturday 1st November 2014 ...
ROOM FOR THE PONY $255,000
House 3 1 2

Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.


Marketplace

Special Offers & Promotions

Compare & Save