Telecom restructures its struggling Australian unit

21 Feb 2006

New Zealand incumbent Telecom Corp says it has restructured its ailing Australian business AAPT, but admits it is still looking for a buyer for the firm. AAPT is being split into two divisions – consumer and corporate – both of which will be headed up by senior Telecom executives. The restructuring will not affect the parent company’s review of AAPT, started in January, nor any potential sale or joint venture with another investor. Telecom wrote down the value of its Ozzie operation by NZD900 million (USD602 million) earlier this month.

Australia, New Zealand, AAPT, Spark New Zealand Group