Australia’s TPG Telecom has reportedly agreed to purchase AAPT from Telecom New Zealand for AUD450 million (USD419 million), ZDNet Australia reports. With the New Zealand company said to have confirmed the development to the Australian Securities Exchange, it was noted that the transaction will be ‘free of conditions precedent’, with the deal expected to be concluded by end-February 2014. For its part, the Australian Competition and Consumer Commission (ACCC) has confirmed that it is not planning to investigate the deal, with an unnamed spokesperson stating: ‘The ACCC has considered the proposed acquisition and decided that a public review will not be necessary.’
The sale follows claims earlier this year that Telecom was planning to divest its Australian unit; in October 2013 TeleGeography’s CommsUpdate reported that AAPT had been put up for auction, with it suggested at that date that a deal for the company could be worth more than AUD400 million.
Speaking on the company’s current status and its future, AAPT CEO David Yuile was cited as saying: ‘We are very energised by the progress we have made and the massive turnaround AAPT has experienced after several years of hard work and tough decisions. AAPT is now ready for another chapter in its evolution, and we look forward to the future.’ Meanwhile, TPG’s executive chairman David Teoh said of the acquisition plan: ‘The incorporation of AAPT’s inter-capital fibre into TPG’s extensive CBD, metropolitan, and international network assets will further enhance TPG’s position as an increasingly major force in the telecommunications market.’