Story image

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

16 May 2018

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.”

Microsoft urges organisations to tackle data blindspots
Despite significant focus placed on CX transformation, over a third of Australian organisations claimed that more than one in five of their projects failed.
Raising the stakes: McAfee’s predictions for cybersecurity
Security teams and solutions will have to contend with synergistic threats, increasingly backed by artificial intelligence to avoid detection.
How big data can revolutionise NZ’s hospitals
Miya Precision is being used across 17 wards and the emergency department at Palmerston North Hospital.
Exclusive: Ping Identity on security risk mitigation
“Effective security controls are measured and defined by the direct mitigation of inherent and residual risk.”
CylancePROTECT now available on AWS Marketplace
Customers now have access to CylancePROTECT for AI-driven protection across all Windows, Mac, and Linux (including Amazon Linux) instances.
Time's up, tax dodgers: Multinational tech firms may soon pay their dues
Multinational tech and digital services firms may no longer have a free tax pass to operate in New Zealand. 
Gartner’s top 10 data and analytics trends for 2019
Data is the fuel for the modern world, and analytics the engine. Gartner has compiled the top 10 trends to watch this year.
How CIOs can work with colleagues to drive new competitive advantages
"If recent history has taught us anything, it’s that the role of the CIO is always changing, and that it won’t stop changing anytime soon."