Vodafone acquire TelstraClear for £430m in New Zealand

Vodafone is acquiring New Zealand operator TelstraClear for the sum of £430m. Vodafone hopes the acquisition of TelstraClear will capitalise on the wholesale fibre access network scheme to 75 per cent of New Zealanders by the year 2019 under the government's Ultra-Fast Broadband Initiative.

“The proposed transaction offers significant benefits for New Zealand businesses, consumers and the country as a whole. TelstraClear’s infrastructure and capabilities are highly complementary to those of Vodafone New Zealand,” says Vittorio Colao, chief executive of Vodafone Group.“The combined business will have the breadth and depth of resources and skills to meet our customers' long-term integrated communications needs.”