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31 Jul 2019 | 07:21

Vodafone completes sale of New Zealand business

Vodafone said it had completed the sale of 100% of Vodafone New Zealand for a cash consideration equivalent to an enterprise value of NZ$3.4bn (€2.1bn), with sale proceeds going towards reducing its net debt.

The phone group sold the company to a consortium comprising Infratil Limited and Brookfield Asset Management.

Vodafone said it had now entered into a partner market agreement with Vodafone New Zealand. This would include 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.

'This transaction is a continuation of our strategy to optimise our portfolio and reduce our debt,' said CEO Nick Read.

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