Kordia set to offload Orcon to industry veteran

12 Mar 2013

Auckland-based internet service provider (ISP) Orcon is set to be sold by state-owned enterprise Kordia within a matter of weeks, technology website Stuff.co.nz reports, ending months of speculation over its future. The online journal indicates that the buyer is former technology consultant Warren Hurst, who has managed and run a number of telecoms businesses over the last decade. The speculation intensified after Hurst took the step of registering a company called Orcon Holdings with the Companies Office.

According to TeleGeography’s GlobalComms Database, in June 2007 Orcon was acquired by Kordia for NZD24.3 million (USD19.4 million). However, the new deal is thought to be worth in the region of NZD40 million, down from the original asking price of NZD60 million. Sources said that several potential buyers had been approached privately by Kordia during 1H12, without success.

New Zealand, Kordia, Orcon