Incumbent Telecom New Zealand has sold its 49% stake in YahooXtra, a joint venture web portal formed in 2007 with Sydney-based internet portal Yahoo7. The latter now owns 100% of YahooXtra.
In a statement, Telecom NZ however said that it will continue…
Incumbent Telecom New Zealand has sold its 49% stake in YahooXtra, a joint venture web portal formed in 2007 with Sydney-based internet portal Yahoo7. The latter now owns 100% of YahooXtra.
In a statement, Telecom NZ however said that it will continue working with YahooXtra, explaining that YahooXtra, to be rebranded Yahoo New Zealand, will still deliver Telecom customers the same services such as Yahoo Mail, Flickr and My Yahoo.
Alan Gourdie, Telecom Retail CEO, stated: “The YahooXtra business has been extremely successful over the past few years. The internet is a fast moving industry and it makes sense for both businesses to evolve the ongoing relationship.”
Telecom NZ said that the sale was not material and that it would not result in any change to guidance. The incumbent was not immediately available for comment while Yahoo7 declined to comment on the terms of the transaction.
