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Vodafone NZ is set to buy TelstraClear, a wholly owned New Zealand subsidiary of Australia’s telecom company, Telstra. The $840 million deal is expected to compete with New Zealand’s own Telecom, setting up a challenge to the latter companies domination of the local market.
Almost 50% of the current NZ market relies on Telecom’s services. With the latest development, Vodafone NZ, which is a subsidiary of British telecom giant Vodafone PLC, is set to acquire TelstraClear’s voice and data services, along with its network infrastructure and customers. The acquisition may also serve as a precursor for the roll-out of high-speed broadband in the country. Neighboring Australia has already made headway in its own National Broadband Network Project.
The current customers of TelstraClear have been assured of service continuity with the acquisition. Fixed wireless communication services and data products will also be provided upon the deal’s regulatory approval.
Read more on the acquisition here
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