Telecom stays NZ-focused with upcoming $23m Cook Islands sale
Telecom has entered into an agreement for the sale of its 60% interest in Telecom Cook Islands Limited, the incumbent telecommunications provider in the Cook Islands, for approximately $23 million to Digicel.
As announced at its investor strategy day in May 2013, Telecom’s strategic ambition is to become a growing New Zealand company and a future‐oriented, competitive provider of communication, entertainment and IT services delivered over its networks and the Cloud.
“The sale of Telecom Cook Islands is consistent with this strategy and with our desire to focus principally on our New Zealand operations and on the needs of New Zealand customers,” says Simon Moutter, CEO, Telecom.
The agreement is subject to a number of conditions and is expected to complete by 31 May 2014.