Vodafone buys TelstraClear for $840m
- — 11 July, 2012 22:00
Vodafone New Zealand has bought ISP and mobile provider TelstraClear for $840 million, TelstraClear has announced.
Vodafone will acquire TelstraClear's customer base, as well as its mobile services and network infrastructure.
TelstraClear's parent company, Telstra, said the company would continue to serve New Zealanders on a long-term basis through its agreement with Vodafone.
The sale will not change the quality products and services that TelstraClear provides, said TelstraClear chief executive Dr. Allen Freeth.
"It will be business as usual for all of our customers," he said.
"The acquisition, if approved, will create a new force in the New Zealand market in readiness for the ultra-fast broadband roll out, and will provide customers with a full suite of fixed and wireless telecommunications and data products."
The sale will not be official for months, as it has to be approved by the Commerce Commission, The Ministry of Economic Development, and the Overseas Investment Office.