Vodafone to sell NZ business to Infratil Brookfield in US$2.36B deal
Category: #business  By Mateen Dalal  Date: 2019-05-15
  • share
  • Twitter
  • Facebook
  • LinkedIn

Vodafone to sell NZ business to Infratil Brookfield in US$2.36B deal

Vodafone is seeking to consolidate its businesses in New Zealand and Australia

It had tried to sell Vodafone NZ to satellite TV provider Sky Network in 2017

Reports confirm that Vodafone Group Plc, the British multinational telecommunications conglomerate, has recently agreed to sell its New Zealand business to a consortium comprising of Canada's Brookfield Asset Management and Infratil Ltd, a New Zealand-based infrastructure investment company, for around 2.1 billion euros (US$2.36 billion).

Sources familiar with the matter commented that Vodafone is seeking to consolidate its businesses in New Zealand and Australia, with a total $11 billion worth agreement underway to amalgamate its Australian joint venture business with TPG Telecom. Antitrust regulator of Australia has already blocked that merger bid.

Sources further informed that Deutsche Craigs Limited and Deutsche Bank are acting as a financial consultant to Vodafone.

Apparently, in 2017, Vodafone had attempted to sell Vodafone NZ to NZ television satellite TV provider, Sky Network Television for a total amount of NZ$3.44 billion but did not get regulatory consent due to monopoly concerns.

Vodafone NZ’s newly appointed Chief Executive Officer, Jason Paris had stated in 2018 that it would seek to go public in 2020. In May 2019, Infratil had mentioned that it was in discussions with Vodafone to acquire the its New Zealand operations along with another unnamed party.

Vodafone recently said that after completion of the deal, it would enter into an agreement with Vodafone New Zealand to enable it to use its brand name and specific services. The completion of the deal is still dependent on essential regulatory approvals. As of December 31, 2018, Vodafone New Zealand had nearly two million mobile customers compared to about 700 million for parent Vodafone Group.

Sources mentioned that separately, Vodafone Idea, India’s largest telecom operator, is planning to raise money through a private infrastructure investment trust of its fibre assets. To transfer its optical fibre assets to a wholly owned subsidiary named Vodafone Towers, the company is planning to seek shareholder approval.

Source Credit: https://finance.yahoo.com/news/vodafone-offloads-nz-business-brookfield-175911557.html

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

Saepio, Echoworx partner to deliver Next-Gen security solutions
Saepio, Echoworx partner to deliver Next-Gen security solutions
By Mateen Dalal

Saepio Information Security, a market leader in statement encryption and cloud-based email, has reportedly announced its collaboration with Echoworx to offer next-generation safe delivery of sensitive and secret information to any email receiver...

Ather Energy raises $250 million to stay ahead in competition
Ather Energy raises $250 million to stay ahead in competition
By Mateen Dalal

Electric scooter producer Ather Energy has reportedly secured $250 million in a new funding round. As per reports, the investment round is in its early stages. The company’s goal is to obtain $200 million to $250 million to compete in the EV...

Digital wellness startup Mojorcare bags USD 20 Mn in Series A funding
Digital wellness startup Mojorcare bags USD 20 Mn in Series A funding
By Mateen Dalal

Mojocare, a wellness and health startup has reportedly raised USD 20.6 million in a Series A round of funding which was led by B Capital Group and saw participation from existing investors including Sequoia India’s Surge, Better Capital, and Ch...