iiNet grabs AAPT consumer division for AUD60 million

30 Jul 2010

After much speculation and several failed sale attempts, Telecom New Zealand has announced that it has divested the consumer operations of its Australian subsidiary AAPT to alternative operator iiNet. According to Reuters, iiNet will acquire the business for AUD60 million (USD54 million), while Telecom has also revealed that it has sold its 18.2% stake in iiNet for around AUD70 million. The two sales, coupled with yesterday’s announcement that Telecom had sold its holding in Australia-based Macquarie Telecom, come as part of the New Zealand outfit’s strategic review of its Australian interests, with Telecom CEO Paul Reynolds noting: ‘Together these transactions rationalise non-core assets, strengthen Telecom’s financial position, and help reposition AAPT’s operations into a focused, network-centric wholesale and corporate business that is well-positioned for future growth.’

Australia, AAPT, iiNet (incl. Internode), Spark New Zealand Group