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.”

Check Point announces integration with Microsoft Azure
The integration of Check Point’s advanced policy enforcement capabilities with Microsoft AIP’s file classification and protection features enables enterprises to keep their business data and IP secure, irrespective of how it is shared. 
Blockchain: New Zealand needs to get up to speed
"The technology can traverse every business domain and can have far reaching impacts on society as we know it."
Why AI will be procurement’s greatest ally
"AI can help identify emerging suppliers, technologies and products in specific categories."
Five key ways an IT professional can keep their body and mind healthy
Sitting in the same place facing an artificially lit screen for 6-8 hours a day can have a negative impact on your overall health if you don’t offset it with diet and exercise.
Are AI assistants teaching girls to be servants?
Have you ever interacted with a virtual assistant that has a female-based voice or look, and wondered whether there are implicitly harmful gender biases built into its code?
Google 'will do better' after G Suite passwords exposed since 2005
Fourteen years is a long time for sensitive information like usernames and passwords to be sitting ducks, unencrypted and at risk of theft and corruption.
Commission warns Spark for misleading in-contract customers
The warning follows an investigation into representations Spark made on its website and in emails in August and September 2018.
Optic Security Group celebrates Axis accolade
Auckland-based business security systems provider Fortlock has picked up an award at Axis Communications’ annual Oceania Axis Partner Summit 2019.