Vodafone New Zealand sold for $3.4 billionby Noted
Vodafone New Zealand has been sold for $3.4 billion.
Vodafone Group chief executive Nick Read said the sale was part of its plan to reduce debt.
Vodafone New Zealand Chief Executive, Jason Paris, said it marked a new era.
“The key things will stay the same – our strategy, our people, our management team, our brand, and our ability to tap into Vodafone’s global products and services.
“Customers will benefit as we look to maximise the opportunities presented by new and emerging technologies, such as IoT (Internet of Things), 5G, Artificial Intelligence and Data Analytics. And we know we have a lot of work to do to deliver more consistent customer service so we’ll focus even more on getting it right for our customers, first time, every time.”
Vodafone NZ would be able to access Vodafone’s global Internet of Things (IoT) platform and customers travelling overseas will have preferential roaming arrangements.
Infratil Chairman Mark Tume said in a statement to the NZX it was a "transformational" move.
"The quality and availability of its networks have a direct bearing on New Zealand's competitiveness and future growth prospects. We are very excited to be a part of Vodafone NZ's next stage of development."
He said Infratil has already successfully demonstrated its ability to reinvigorate a standalone New Zealand entity.
"Our 2010 acquisition of Shell's New Zealand downstream assets (now Z Energy) is an example of our ability to enhance a significant New Zealand infrastructure business."
Infratil's portfolio includes Trustpower and Wellington Airport amongst others.
The sale is conditional on Overseas Investment Office approvals and Commerce Commission clearance, expected in August.
Mike White talks to investigator Tim McKinnel, who says police often turn a blind eye to possible corruption out of a misplaced sense of loyalty.Read more
PM Jacinda Ardern has doubled down on her criticism of Australia's deportation policy as "corrosive", ahead of her meeting with Scott Morrison.Read more
Te Aniwa Hurihanganui looks at the outdated Adoption Act and its impact on Māori who grew up desperate to reconnect.Read more
Women with complications caused by deeply embedded vaginal mesh are being helped by a pioneering surgical technique.Read more
North Auckland farmer Fergus Riley has uncovered many important lessons in caring for his father Peter, who has Alzheimer’s.Read more
Instagram is running a social media experiment to see what happens when it hides the number of likes on photos and other posts.Read more
Duncan Smith and Annabel Tapley-Smith weren’t satisfied with producing meat of uncommon quality. So they bought a butchery.Read more
A study on biodegradable plastic bags found they were still intact after three years spent either at sea or buried underground.Read more