News
New Zealand operator secures U.S. government approval for transaction with Australia’s MNF.
Spark New Zealand on Friday announced that it has completed the sale of its international voice business more than a year after it first announced the deal.
The New Zealand incumbent agreed to sell the unit to Australia’s MNF Group, at the time known as My Net Fone Ltd, in April 2015 for NZ$22 million (€13.5 million at current exchange rates).
The sale of the non-U.S. portion of the business closed before the end of that month, but it appears to have taken some time for the telco to secure the necessary permissions to transfer the remainder.
In a short statement, Spark said it has now completed the sale in its entirety, "following receipt of U.S. government approvals."
When it first announced the deal, Spark said the divestment was in line with its strategy of focusing primarily on its domestic operations. However, it noted that the transaction covered the voice operations only and said it would retain its international data business.
Sydney-based MNF Group specialises in providing IP voice services in Australia and New Zealand, as well as further afield.
Spark’s international voice business should bring in EBITDA of NZ$3 million-NZ$4 million per year, Spark said.
