Telecom confirms final AAPT sale to iiNet
- 01 October, 2010 12:45
New Zealand telecommunications giant Telecom has sold AAPT’s consumer division to iiNet for $60 million following iiNet shareholder approval.
The announcement to the ASX follows reports that the sale was going ahead to the Perth-based service provider.
When combined with the sale of Telecom’s shareholdings in Macquarie Telecom and iiNet in July, the company generated $140 million from the transactions.
According to the statement, the sale rationalises Telecom’s non-core assets in Australia allowing management to focus on its network wholesale and corporate businesses.
CEO Paul Reynolds said he believed AAPT would be well positioned for future growth through the new focus on its core strengths which include operating its nationwide network.
As reported by Computerworld Australia in early September, AAPT said its migration of the consumer business to iiNet was tracking to schedule and would be complete by the planned 30 September deadline, according to AAPT CEO, Paul Broad.