British telco giant Vodafone offloads NZ business to Brookfield, Infratil

  • 📰 Reuters
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4 ...

WELLINGTON/SYDNEY - Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4 billion to a consortium comprising of New Zealand-based Infratil Ltd and Canada’s Brookfield Asset Management, in a deal the telecom giant says would help reduce its debt.

“An important aspect of our strategy is the active management of our portfolio and deleveraging, which this transaction further demonstrates,” Nick Read, chief executive of Vodafone Group, said in a statement. “Data has been one of the fastest growing commodities in the world. We expect this rapid growth to persist for the foreseeable future, driven by greater smartphone penetration, increasing video consumption, the advent of 5G networks and new and evolving uses.”

Since then, Vodafone NZ axed thousands of jobs and restructured itself in preparation to a stock market float that never saw the light of the day. On completion of the sale, Vodafone said it would enter into a deal with Vodafone New Zealand to allow it to use its brand name and certain services.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vodafone offloads NZ business to Brookfield, Infratil for $2.36 billionVodafone Group Plc said on Monday that it had agreed to sell its New Zealand bus... Soon before we even know. We'll hear in the news about Countries being acquired by bigger one..
Source: Reuters - 🏆 2. / 97 Read more »

Vodafone offloads New Zealand business to Brookfield, Infratil for $2.36 billionVodafone Group Plc said on Monday that it had agreed to sell its New Zealand bus...
Source: Reuters - 🏆 2. / 97 Read more »

Chinese streaming giant iQiyi is planning out an original movie businessIn a bid to increase revenues, Chinese video streaming platform iQiyi is aiming to focus on movies over the next two to three years.
Source: CNBC - 🏆 12. / 72 Read more »

Australia's competition regulator opposes Vodafone-TPG mergerAustralia's competition regulator on Wednesday said it opposed a proposed A...
Source: Reuters - 🏆 2. / 97 Read more »