News: FlexiGroup buys IT provider Telecom Rentals

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FlexiGroup Limited (ASX:FXL) has purchased New Zealand IT provider Telecom Rentals for $NZ106 million or about $AUD102 million. 

 

The diversified financial services company has purchased the asset from Spark New Zealand Limited (ASX:SPK) who established the business as its subsidiary in 2006. 

 

CEO Tarek Robbiati believes the acquisition will consolidate FlexiGroup’s distribution footprint in New Zealand and provide significant scale for its existing high growth New Zealand business. 

 

FlexiGroup has also confirmed it expects to deliver a cash net profit of between $90 million to $91 million over the full 2015 financial year. 

 

FlexiGroup lifted its net profit by 11 per cent to $38.5 million in the first half of the 2015 financial year.