New Zealand: Vodafone sells NZ business to Brookfield

Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4 billion ($2.23 billion) to a consortium comprising of New Zealand-based Infratil Ltd and Canada’s Brookfield Asset Management, reported the Financial Times.

Vodafone has been trying to shrink its businesses in Australia and New Zealand to focus on European markets, and is fighting regulators that last week moved to block a A$15 billion ($10.4 billion) deal to merge its Australian joint venture business with TPG Telecom.

Vodafone tried to sell the business in 2017 to Sky Network Television for NZ$3.4bn but failed to get regulatory clearance due to concerns it would create a monopoly.

“It is a good time for Vodafone to exit as significant capital expenditure is required as the mobile sector moves to upgrade to 4G technology,” said Ian Martin, telecoms analyst at New Street Research.
Full Content: Financial Times

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