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- Release Date: 28/02/14 15:44
- Summary: ASSET: TEL: Telecom completes sale of AAPT to TPG Telecom Limited
- Price Sensitive: No
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TEL
28/02/2014 13:44
ASSET
REL: 1344 HRS Telecom Corporation of New Zealand Limited
ASSET: TEL: Telecom completes sale of AAPT to TPG Telecom Limited
STOCK EXCHANGE ANNOUNCEMENT
28 February 2014
Telecom completes sale of AAPT to TPG Telecom Limited
Telecom is pleased to announce it has today completed the sale of AAPT for
A$450 million to TPG Telecom Limited.
As announced at its investor strategy day in May 2013, Telecom's strategic
ambition is to become a growing New Zealand company and a future-oriented,
competitive provider of communication, entertainment and IT services
delivered over its networks and the Cloud.
"The sale of AAPT was consistent with this strategy and with our desire to
focus principally on our New Zealand operations and on the needs of New
Zealand customers," said Telecom Chief Executive, Simon Moutter.
Following a period of cost reduction and operational improvement, AAPT has
been focused on a revenue growth plan within business and wholesale markets,
using its strong network capabilities.
"David Yuile and his management team have done an outstanding job during the
last three years to simplify, stabilise and reshape the company," said Mr
Moutter.
- ENDS -
For investor relations queries, please contact:
Mark Laing
General Manager Corporate Finance
+64 (0) 27 227 5890
For media queries, please contact:
Richard Llewellyn
Head of Communications
+64 (0) 27 523 2362
End CA:00247656 For:TEL Type:ASSET Time:2014-02-28 13:44:08
