Telecom sells Macquarie Telecom stake for $A9.9m
Telecom announced to NZX this afternoon that it had sold its 10% stake in Macquarie Telecom for A$9.9m.
The carrying value of this investment was A$9.5 million at 30 June 2010. There are no changes to guidance as a result of this sale.
Start of a bigger clean out?
Telecom bought wholesale specialist PowerTel for $A357 million in 2007, folding the new acquisition into its wholly-owned Australian subsidiary AAPT.
With the purchase, Telecom inherited PowerTel's 10% stake in Macquarie, plus its 17.4% stake in iiNet (which Telecom still holds), valued at around $A13.3 million.
Since May, Telecom has been opening fielding offers for AAPT. So far, it's poved a tough sell. But today, speculation emerged that iiNet may buy AAPT's retail arm.
Telecom's other major Australian asset is its 5% stake in Vodafone-Hutchison Australia, trading as Vodafone Australia.
The stake, worth around $A150 million, is something of an accident of history, coming about after Hutchison Telecommunications, 10% owned by Telecom after a $A400 million deal designed to cement a never-realised 3G alliance - merged with Vodafone Australia last year.
Telecom shares (NZX: TEL) were up 1.53% to $1.99 in late afternoon trading against a broader market rise of 0.26%.