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


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