Telecom NZ to sell Cook Islands stake to Digicel for $NZ23m
- 01 April, 2014 15:03
Telecom will sell its 60 per cent stake in Telecom Cook Islands to Digicel for about $NZ23 million.
Digicel is a Jamaican network provider which has a presence in 31 countries. The company’s Oceanic arm, Digicel Pacific, operates in Vanuatu, Samoa, Papua New Guinea, Tonga, Fiji and Nauru.
The deal is expected to be completed by May 31, 2014, subject to “a number of conditions” which Telecom did not disclose.
According to a statement from Telecom, the move is in line with the company’s goal of becoming an NZ-specific telecommunications, entertainment, and IT services provider.
Both sales follow Telecom’s decision to undergo a major rebrand which will see it become Spark later this year, with its Gen-i and Digital Ventures units to be renamed Spark Digital Solutions and Spark Ventures, respectively.
The rebranding was announced at its financials briefing during which it revealed a net profit after taxes (NPAT) of $NZ147m (excluding discontinued operations) for the first half of fiscal 2014, ended December 31, 2013.