Vodafone Group has completed the sale of Vodafone New Zealand to a consortium comprising Infratil and Brookfield Asset Management for a cash consideration equivalent to an enterprise value of NZD 3.4 billion (approximately EUR 2.1 billion). Proceeds from the sale will be used to reduce Vodafone's net debt, the company said. Vodafone and Vodafone New Zealand have now entered into a partner market agreement, which includes use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's global IoT platform and central procurement function, and a range of services for the business and consumer markets.
New Zealand’s Commerce Commission recently cleared Infratil's acquisition of up to 50 percent of the shares in Vodafone New Zealand. Infratil is an investment company whose current interests include a 51 percent share of Trustpower. Infratil said Vodafone and Trustpower will continue to operate as independent companies.
Vodafone Group agreed to sell its Vodafone New Zealand unit to a consortium of investors, which includes New Zealand-based Infratil and Canada-based Brookfield Asset Management, in May this year. The deal follows Vodafone's failure to merge the subsidiary with Sky New Zealand in 2017, due to competition concerns.
