1 Apr 2014
Telecom New Zealand (TNZ) disclosed today (1 April 2014) that it has reached an agreement to sell its 60% stake in Telecom Cook Islands (TCI) to Digicel Group for approximately NZD23 million (USD19.92 million). The sale, which is expected to be completed by 31 May 2014 subject to certain conditions, is part of TNZ’s strategy to concentrate on its communication, entertainment and IT businesses in New Zealand, its release said. Jamaica-based Digicel, which operates in 31 Caribbean, Latin American and Pacific markets, has not yet confirmed if it will make an offer to buy the Cook Islands government’s 40% stake in TCI, which is the territory’s sole mobile, broadband and fixed line operator. The government currently retains two board members on TCI’s five-person board. The Cook Islands will be Digicel’s seventh Pacific market.