01 Oct 2010
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Telecom completes AAPT sale

After announcing its intent back in July, Telecom has completed the sale of AAPT’s consumer division to iiNet for A$60 million.

The transaction was completed following iiNet shareholder approval.

When combined with the sale of Telecom’s shareholdings in Macquarie Telecom and iiNet in July, Telecom said it generated approximately A$140 million of cash from these transactions.

The firm says that the sales rationalise Telecom’s non-core assets in Australia and allow management to focus on its network-centric wholesale and corporate businesses.

“As I have stated previously, Telecom is pleased with the cash generated by these transactions. We believe that AAPT will be well positioned for future growth through focus on its core strengths, which include operating its nation-wide network” said Telecom CEO, Paul Reynolds.

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