News
New Zealand operator has reportedly decided on traditional sale process, rather than dual listing.
2degrees Mobile is reportedly due to cancel plans for a flotation and is instead looking at a straight sale of its business, it emerged on Monday.
The New Zealand mobile operator had planned a dual listing of its shares in Australia and New Zealand, and had appointed Macquarie Capital, UBS and Forsyth Barr as joint lead managers, but is now set to pull the plug on the plan, The Australian reported, citing unnamed sources.
Instead, the telco will look at a traditional sale process in the short-to-medium-term, the paper said.
However, it is still meeting with institutional investors, it added.
2degrees is New Zealand’s smallest mobile network operator; it launched in 2009, providing competition for Vodafone and incumbent Spark.
U.S. venture capital firm Trilogy International Partners owns a stake of around 58% in 2degrees.
According to The Australian, its other shareholders are Communication Venture Partners with just over 27%, the Te Huarahi Tika Trust, and KLR Hong Kong.
There has been no official comment on the sale plan from 2degrees.
