2degrees Mulling Stock Market Listing
Published on: 3rd May 2016
Note -- this news article is more than a year old.
New Zealand's third mobile network operator, 2degrees is reportedly planning a stock market listing which could value the company at around NZ$800 million.
The mobile network is currently majority owned by US-based Trilogy International Partners and has had a troubled history ever since it was granted a license back in 2000. It took the company 9 years to launch its services.
Citing people familiar with the matter, the Australian newspaper reported that banks are being lined up for a listing which would raise between NZ$100-NZ$150 million.
The funding would be used for network upgrades, the report added.
2degrees declined to comment on the speculation, but hinted that it is looking at opportunities, and how to fund them.
Speculation that a sale might be due to take place has grown over the past few months, as the US shareholder, Trilogy International Partners faces a deadline later this year to refinance USD450 million worth of debt.
The current shareholders in the privately held company are Trilogy International Partners (58%), Venture Communication Partners (27.1%), Te Huarihi Tika Trust (10.2), and KLR Hong Kong with 4.7%.