Four bidders in AAPT auction: source

 

Speculation spins further.

Telecom New Zealand is auctioning off its AAPT unit, with four bidders vying for the struggling Australian telecoms carrier, a source familiar the situation said.

The four bidders who submitted proposals by the Thursday deadline were TPG Telecom (TPM.AX), privately held Pacnet, private equity firm Quadrangle Group and Optus, the fully-owned Australian unit of Singapore Telecommunications (STEL.SI), said the source, speaking on condition of anonymity.

AAPT has been suffering from declining business, with revenue dropping to A$760 million in 2009 from A$1 billion in 2008 and EBITDA falling to A$73 million from more than A$100 million over that period, said the source, adding the Australian unit of Goldman Sachs was handling the sale.

The company said last Thursday it would consider any reasonable offer for the unit that was in the interest of shareholders.

Pacnet made an unsolicited $420 million offer for AAPT in late 2008, but that offer was ultimately rejected by Telecom Corp.

(Reporting by Doug Young; Editing by Simon Jessop).


Four bidders in AAPT auction: source
 
 
 
Top Stories
NBN to offer TV connections through fibre for greenfields
Ditching aerials to come at a cost.
 
Tech SWAT teams kicking down the digital door
From dam engineers in Ecuador to Sydney light-rail gurus, Cardno's global CIO Karen Wagner is linking up her widespread organisation.
 
AusPost board approves Fujitsu outsourcing
End user computing to be handed over to partner.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Is site blocking effective in stopping piracy?


   |   View results
Yes
  2%
 
No
  86%
 
Somewhat
  13%
TOTAL VOTES: 664

Vote