TPG denies 2degrees interest

23 Aug 2016

Australian fixed line telco TPG Telecom has denied rumours that it is looking to acquire New Zealand mobile operator 2degrees. Reports from a number of Australian newspapers had suggested that TPG was looking to pay around AUD860 million (USD624 million) for 2degrees, but the fixed telco responded by saying that it is not in negotiations with the New Zealand firm or its representatives. TPG expanded its domestic operations last year via the acquisition of rival operator iiNet.

According to TeleGeography’s GlobalComms Database, 2degrees is the smallest of New Zealand’s three cellcos, controlling around 24% of all subscribers. It was reported last month that 2degrees’ owners had abandoned plans for a dual share listing on the New Zealand and Australian stock exchanges and would instead seek a trade buyer. It is currently 58%-owned by US-based Trilogy International Partners, while Amsterdam-based Tresbit holds 27% and the Maori investment group the Hautaki Trust has a stake of around 7%.

New Zealand, TPG Corporation (incl. iiNet, Internode and AAPT), Two Degrees Mobile (2degrees)