2degrees Snaps up ISP

23 Mar 2015

New Zealand mobile operator 2degrees has acquired the Christchurch-based internet service provider (ISP) Snap, which will enable the cellco to move into the converged fixed-mobile market alongside larger competitors Spark (formerly Telecom New Zealand) and Vodafone NZ. The terms of the purchase were not published, though the deal is thought to have been valued at around NZD26 million (USD19.7 million), with Snap’s owner Mark Petrie also taking an undisclosed stake in the enlarged 2degrees as part of the agreement.

A report from the NZ Herald quotes 2degrees chief executive Stewart Sherriff as saying: ‘We’ll be developing new product under the 2degrees brand that will be innovative and disruptive; we’ll be a challenger brand that takes it to the big guys.’ The first bundled offers are expected to be launched later this year.

New Zealand, Snap, Two Degrees Mobile (2degrees)