Vodafone’s acquisition of TelstraClear approved
Vodafone New Zealand has today announced all regulatory approvals required for its acquisition of TelstraClear have now been granted.
For a cash consideration of NZ$840 million, the acquisition has been approved by the Commerce Commission and the Overseas Investment Office.
Various spectrum transfers have also been approved by the Ministry of Business, Innovation and Employment with Vodafone expecting to complete the transaction on 31 October.
“This acquisition will allow us to combine our strength in mobile with TelstraClear’s strength in fixed communications solutions," says Russell Stanners, Vodafone NZ CEO.
"It means we can meet customers’ constantly evolving communications needs – whether that’s mobile services, broadband, pay TV, or sophisticated ICT services – from the Far North to Southland.”
Stanners says the company will operate as two separate business units initially, with a clear focus to continue to delivering as normal to both Vodafone and TelstraClear customers.
“Vodafone has a strong track record of innovation and New Zealanders can look forward to a whole lot more from Vodafone over the coming months and years," he says.
Vodafone will be communicating with customers from both companies over the coming weeks to provide more information.
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