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Telecom Corp of New Zealand (Australia) (ASX:TEL) says it has signed a conditional agreement to buy New Zealand IT infrastructure company Revera Limited for $96.5 million.
The move is in line with the telco’s strategy to become a competitive provider of communication, entertainment and IT services delivered over its networks and the Cloud.
Revera will continue to run as a standalone business, providing customers of Gen-i with immediate access to additional Cloud capabilities and data centre capacity.
Telecom Chief Executive Simon Moutter says the acquisition means both Gen-i and Revera will be better positioned to respond to evolving customer needs in the areas of big data and cloud computing.
The purchase will be funded by cash and Telecom’s existing borrowing facilities. It’s expected to settle in May.
Telecom reported a net profit of $129.3 million for the first half of fiscal 2013.
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