Story image

Vodafone buys remaining 30% stake in Farmside for $3 million

16 May 18

Vodafone has bought the remaining 30% stake in Farmside from telecommunication services provider TeamTalk for $3 million.

Vodafone New Zealand acquired 70% of Farmside for $10 million in cash, closing the deal in May 2017.   

Back then, TeamTalk CEO Andrew Miller said the deal would enable TeamTalk to reduce debt and fund its capital programme.

The initial transaction last year included put and call options that enabled TeamTalk to sell its remaining stake to Vodafone for $3.0 million cash at any time within three years and allowed Vodafone to acquire the remaining 30% of Farmside.

Vodafone’s CEO Russell Stanners comments on the deal announced today, stating: “With Farmside now firmly part of the Vodafone whānau, we can continue to deliver better outcomes for these communities and increase our presence in the rural broadband market.”

Stanners says rural communities are important to Vodafone and this investment further deepens the company’s long-standing commitment to them.

The parties have agreed that the ownership change becomes effective from midnight 31 May 2018.

Miller says Vodafone and TeamTalk will continue to work together on strategic opportunities where appropriate.

He adds, “This agreement consolidates TeamTalk’s business.”

“It enables us to focus on our key priorities: rolling out our National Digital Tier III Network and undergrounding our Fibre Network in Wellington’s CBD, to deliver greater resiliency and additional services to customers.”

Disruption in the supply chain: Why IT resilience is a collective responsibility
"A truly resilient organisation will invest in building strong relationships while the sun shines so they can draw on goodwill when it rains."
The disaster recovery-as-a-service market is on the rise
As time progresses and advanced technologies are implemented, the demand for disaster recovery-as-a-service is also expected to increase.
Apax Partners wins bidding war for Trade Me buyout
“We’re confident Trade Me would have a successful standalone future," says Trade Me chairman David Kirk
The key to financial institutions’ path to digital dominance
By 2020, about 1.7 megabytes a second of new information will be created for every human being on the planet.
Proofpoint launches feature to identify most targeted users
“One of the largest security industry misconceptions is that most cyberattacks target top executives and management.”
What disaster recovery will look like in 2019
“With nearly half of all businesses experiencing an unrecoverable data event in the last three years, current backup solutions are no longer fit for purpose."
NVIDIA sets records with their enterprise AI
The new MLPerf benchmark suite measures a wide range of deep learning workloads, aiming to serve as the industry’s first objective AI benchmark suite.
McAfee named Leader in Magic Quadrant an eighth time
The company has been once again named as a Leader in the Gartner Magic Quadrant for Security Information and Event Management.