Telecom buys back Australian stake

3 Nov 2004

Telecom New Zealand has announced that it has bought back a 5% stake in its subsidiary TCNZ Australia (TCNZA) from the Commonwealth Bank of Australia. The deal has been completed via the holding company TCNZ Australia Investments. The Bank took a stake in TCNZA in August 2000 as part of an outsourcing deal between the companies. Telecom said in a statement that it was not uncommon for customers to take an interest in their outsourcing partners, but now “all involved felt it no longer necessary for the bank to have a stake in TCNZA”. Telecom has paid the same nominal price for the 5% stake that the bank paid in 2000.

New Zealand, Spark New Zealand Group