Telstra confirms KAZ buy talks

Telstra confirms KAZ buy talks

Telecommunications giant, Telstra, has informed the Australian Stock Exchange that it is in discussion with Kaz Group about a possible acquisition.

The company was responding to media reports that suggested a $400 million bid had been laid on the table to build out Telstra’s IT services portfolio.

Shares in the Kaz Group were placed into a trading halt on the morning of Monday, April 5, pending an announcement about a potential transaction.

The Telstra statement, released later in the morning, confirmed that the two companies had been in discussion but said that no decision had been taken to proceed with any transaction had been taken.

As well as its Advantra IT services division, absorbed into Telstra proper in mid-2002, the telco’s IT services capability was its share in IBM Global Services Australia.

Telstra’s share in this services group was bought out by IBM last year.

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