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.