British telco giant Vodafone offloads NZ business to Brookfield, Infratil

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.

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