New Zealand mobile operator 2degrees has confirmed it has acquired local ISP Snap for an undisclosed sum.
A local report claimed last week that it had paid NZ$26m (US$19.4m) for the telco to enter the fixed-line market.
The deal will expand 2degrees’…
New Zealand mobile operator 2degrees has confirmed it has acquired local ISP Snap for an undisclosed sum.
A local report claimed last week that it had paid NZ$26m (US$19.4m) for the telco to enter the fixed-line market.
The deal will expand 2degrees’ workforce by 120 to about 900 employees.
It first announced ambitions to enter the fixed-line market in late 2012, and the companies said the acquisition builds on a purchasing agreement that they already share.
Snap CEO Mark Petrie, who will join 2degrees’ senior leadership team and lead its new fixed services division, said: “One thing we’ve learned in the last couple of years, apart from the fact that we work well with 2degrees, is that there is a limited window of opportunity to win business as the UFB networks are rolled out.
“A fixed-mobile offer allows us to put our best foot forward and 2degrees is the best company to drive that growth.”
2degrees was launched in 2009 and is majority owned by US venture capital firm Trilogy International Partners, which holds a 60% stake.
