Digicel Buys 60% Stake in Cook Island's Monopoly Telecoms Operator
Published on: 31st Mar 2014
Note -- this news article is more than a year old.
Telecom New Zealand has announced an agreement to sell its 60% interest in Telecom Cook Islands Limited, the incumbent telecommunications provider in the Cook Islands, for approximately NZ$23 million (USD19.9 million) to Digicel.
The Caribbean/Pacific operator made an offer of $20 million back in 2009 to buy the company, but was rebuffed at the time.
The remaining 40% stake is owned by the Cook Islands Government.
As announced at its investor strategy day in May 2013, Telecom's strategic ambition is to become a growing New Zealand company and a competitive provider of communication, entertainment and IT services delivered over its networks and the Cloud.
"The sale of Telecom Cook Islands is consistent with this strategy and with our desire to focus principally on our New Zealand operations and on the needs of New Zealand customers," said Telecom Chief Executive, Simon Moutter.