Telecom sells Auldhouse
Telecom has sold its Auldhouse training business, which sat under the company's Gen-i services division.
The business was sold to its managers, Melanie Hobcraft, Leigh Richardson and Craig Jones, for an undisclosed price. The company says the transaction was "not material" (that is, too small for mandatory disclosure).
Telecom says Auldhouse, which has facilities in Auckland, Wellington and Christchurch, is New Zealand's largest privately-held training organisation. It offers, Microsoft, Cisco and SAP certification, among other IT courses.
In a statement, Gen-i boss Tim Miles gave no reason for the sale, beyond that it "makes good sense" for the managers who helped build the business to own it.
Telecom and Gen-i will have a preferred supplier agreement with Auldhouse.
An active half-year has seen Gen-i largely withdraw from Australia, sell its 80-person Davanti consulting business, and buy Revera's datacentre and hosting business for $96.5 million.
Telecom shares [NZX:TEL] were down 0.86% to $2.30 in late trading. The company is part-way through a progamme of restructuring and cost-cutting instigated by new CEO Simon Moutter.