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New Zealand telco could seek valuation of around NZ$2 billion (€1.2 billion), according to local news outlet
Vodafone New Zealand is pushing ahead with a share listing, despite the collapse of its proposed merger deal with Sky, according to a local news outlet.
The telecoms operator has engaged the services of Deutsche Bank to advise it on the float and is in the process of setting up meetings for a roadshow designed to test institutional investor appetite for such a move, Stuff reported late last week, citing unnamed sources.
The company has not commented on the speculation, but one of Stuff’s sources said an announcement could be imminent.
Vodafone had planned to float a 49% stake in its New Zealand unit once it had received the regulatory green light for its tie-up with Sky, the paper said.
Vodafone and Sky inked a NZ$3.44 billion deal 15 months ago that would have seen Vodafone receive a 51% stake in the merged entity plus NZ$1.25 billion in cash.
Rival companies, including incumbent Spark and mobile operator 2degrees, were fiercely opposed to the transaction as was the New Zealand Commerce Commission (NZCC). As a result, Vodafone and Sky called the deal off in June this year, but said they will continue to work together to strengthen their positions in the market.
According to Stuff, Vodafone could seek to value its New Zealand operation at around the NZ$2 billion (€1.2 billion) mark.
