The consortium comprising local investment firm Infratil and Canada’s Brookfield Asset Management has announced it has executed a conditional agreement to acquire Vodafone New Zealand from Vodafone Group for an enterprise value of NZD3.4 billion (USD2.3 billion). The transaction, which was announced in May, has been concluded following regulatory approval by the Commerce Commission and Overseas Investment Office announced on 12 July.
Infratil Chief Executive Marko Bogoievski commented: ‘We are very pleased to complete the acquisition and look forward to working with Brookfield and supporting the Vodafone NZ management team in bringing world class services to New Zealanders.’
Vodafone Group Plc and Vodafone New Zealand have entered into a multi-year Partner Market agreement, which includes preferential roaming arrangements, access to Vodafone’s global Internet of Things (IoT) platform and central procurement functions, plus a range of services for business and consumer markets.
Vodafone New Zealand Chief Executive, Jason Paris, said it stands to be a great outcome for New Zealand consumers and businesses, and one that marks a new era.
“It’s the absolute best of both worlds for customers. We’ve got the backing of two new world class and long-term investors plus we can continue to tap into Vodafone’s global expertise, including all the services our customers value such as global roaming, global procurement and the world’s largest internet of things platform.
“The key things will stay the same – our strategy, our people, our management team, our brand, and our ability to tap into Vodafone’s global products and services. What changes is our owners, who back our ambitious plans for New Zealand and who share our views on the importance of creating sustainable, long-term profitability in order to reinvest in the future. So it really is the best of global and local.
“Customers will benefit as we look to maximise the opportunities presented by new and emerging technologies, such as IoT, 5G, Artificial Intelligence and Data Analytics. And we know we have a lot of work to do to deliver more consistent customer service so we’ll focus even more on getting it right for our customers, first time, every time.”
Infratil CEO Marko Bogoievski said, “Infratil has a proven track record of establishing long-term partnerships to realise the growth potential of our investee companies, and we are particularly pleased to have secured this opportunity with Vodafone NZ. We are also excited to be introducing some local ownership, which will be important in terms of how we work together to grow the business over the coming years.”