Auckland-based Telecom New Zealand (TNZ), the country’s largest phone operator, denied it was considering selling its Australian IT services company Gen-i, according to newspaper, The Australian.
TNZ recently sold its stake in Australia’s Macquarie…
Auckland-based Telecom New Zealand (TNZ), the country’s largest phone operator, denied it was considering selling its Australian IT services company Gen-i, according to newspaper, The Australian.
TNZ recently sold its stake in Australia’s Macquarie Telecom with a small profit of A$400,000 (US$360,770) over the A$9.5m (US$8.57m) acquisition price.
It is also reportedly looking to sell its 18.2% stake in Australian ISP iiNet. The New Zealand Herald also speculated last July that iiNet was close to a deal to buy AAPT’s consumer business, after an offer from TPG Telecom for the entire company fell through.
Although AAPT and Gen-i operate closely in the Australian market, a spokesman quoted by The Australian said that recent transactions would not affect the business. But he added that the company would consider offers for the remaining divisions of its AAPT business.
Gen-i earnings are expected to fall from $NZ1.5bn (US$1.08) in 2008 to about $NZ1.38bn (US$996m) by 2011, TNZ said at an investor presentation in May.
TNZ could not be reached for comment.
