Spark in takeover bid for TeamTalk

7 Feb 2017

New Zealand telco Spark has filed a ‘notice of intention’ regarding its 100% takeover offer for smaller rival TeamTalk, and has offered NZD0.80 (USD0.58) per share for the operator, valuing the company at almost NZD23 million. The offer represents a 78% premium on the closing price of TeamTalk shares as of 3 February 2017. The proposed takeover would see Spark assume responsibility for TeamTalk’s three operating businesses: TeamTalk (mobile radio services); CityLink (metro fibre services, primarily in the Wellington central business district [CBD]); and Farmside (an ISP with focus on rural areas).

Spark managing director, Simon Moutter, commented: ‘Spark, as a digital services company with its own extensive networks, distribution channels and customer base, has the ability to provide a more positive pathway forward for TeamTalk customers and staff.’

New Zealand, CityLink (New Zealand), Farmside, Spark, TeamTalk Group