Telecom sells down Macquarie Telecom stake

Jul 29, 2010 3:19 PM
Filed under Telco/ISP
 

Fuels speculation of business divide and sell-off.

Telecom New Zealand has sold AAPT's stake in Macquarie Telecom for just under $10 million, fuelling speculation it is about to separate and sell of parts of the Australian business.

The carrier made a brief announcement to the Australian and NZ stock exchanges at midday today.

"Telecom has previously advised that it would consider offers in relation to the AAPT business that are in the best interests of shareholders," the statement said.

"Telecom is currently considering strategic options in respect of these assets.

"As part of this review Telecom has today announced the sale of its stake in Macquarie Telecom for $9.9 million."

The Sydney Morning Herald predicted the sell-off of non-core interests in Macquarie Telecom and iiNet today.

It was predicted that Telecom would keep hold of AAPT's wholesale business and hive off just the consumer broadband division.

This could go to iiNet, which was placed in a trading halt today "pending the announcement of a potential acquisition".


Telecom sells down Macquarie Telecom stake
Tags
telecom, nz, macquarie, telecom, stake, aapt, acquisition, consumer
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