Vodafone offloads NZ business to Brookfield, Infratil

File: Vodafone's New Zealand deal, which Infratil describes as strategically compelling, is valued at NZ$3.4-billion.WELLINGTON - Vodafone Group Plc on Monday agreed to sell its New Zealand business for NZ$3.4-billion to a consortium comprising of New

The deal comes a day after dairy group Fonterra sold its New Zealand Tip Top ice cream business to an overseas buyer, a sale which was criticised as being against national interests.Vodafone is looking to consolidate its businesses in Australia and New Zealand, with an $11 billion deal underway to merge its Australian joint venture business with TPG Telecom.The telecoms firm, in 2017, had tried to sell Vodafone NZ to Sky Network Television for NZ$3.

"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. Vodafone New Zealand, one of the largest mobile operators in the country, has about two million mobile customers, compared to about 700 million for parent Vodafone Group as of Dec. 31, 2018.

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