Spark New Zealand has completed the sale of its 60% stake in Telecom Cook Islands to local investor consortium Teleraro for about NZ$23m (US$17m).
The Cook Island government retains a 40% stake in the nation’s only telecoms operator.
Simon Moutter,…
Spark New Zealand has completed the sale of its 60% stake in Telecom Cook Islands to local investor consortium Teleraro for about NZ$23m (US$17m).
The Cook Island government retains a 40% stake in the nation’s only telecoms operator.
Simon Moutter, managing director of Spark (formerly branded as Telecom New Zealand), said the sale is in line with its strategy to focus on local operations and customers.
Spark first announced the sale of its stake in April 2014 and, at the time, Jamaica-based Digicel was named as the buyer.
According to New Zealand and Cook Island media reports, a local buyer was preferred, leading to the sale to Teleraro. The consortium is controlled by telco BlueSky Samoa (formerly SamoaTel). BlueSky Samoa is 75% owned by BlueSky Communications, which itself is owned by the US-based eLandia Group.
In its own statement, BlueSky said the acquisition forms part of its regional growth strategy, enhancing its ability to deliver high-quality telecoms services to Pacific Island markets via local partnerships.
BlueSky noted that financing for the deal was provided by a regional bank.
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