Telstra advances its stake in services company

Telstra has bought the remaining 50 per cent of Advantra to become the sole stakeholder in the Melbourne-based services company.

The telecommunications giant purchased the stake from partners Lend Lease and IBM who owned 20 and 30 per cent respectively.

While details of the transaction have not been released, Lend Lease said it had made an after tax profit of $13 million on the sale of its share.

Advantra employs 800 people and provides management services to the Federal Government, and large corporate clients.

Last year, the company won the Federal Government's five-year, $100 million Group 5 contract which covers IT outsourcing for five federal departments and agencies.

In January, Advantra announced it had signed Canberra company, Achieve Solutions to supply approximately 2500 training courses throughout the project