2degrees then and nowFebruary 2009Trilogy International Partners (US): 26%Communication Venture Partners (UK): 26%General Enterprise Management Services (Hong Kong): 26%Hautaki Trust (NZ): 20%KLR (Hong Kong), others: 2%July 2009Trilogy (US): 52%CVP
February 2009
Trilogy International Partners (US): 26%
Communication Venture Partners (UK): 26%
General Enterprise Management Services (Hong Kong): 26%
Hautaki Trust (NZ): 20%
KLR (Hong Kong), others: 2%
July 2009
Trilogy (US): 52%
CVP (UK) 26%
Hautaki (NZ) 20%
KLR (Hong Kong), others 2%
February 2010
Trilogy (US): 57%
CVP (UK): 28%
Hautaki (NZ): 13%
KLR (Hong Kong): 2%
The Overseas Investment Office has given Seattle-based Trilogy International Partners the green light to lift its holding in 2degrees.
The watchdog had already granted London’s Communication Venture Partners approval to raise its stake.
Both investors are picking up $20 million in new equity that was originally allocated to the Hautaki Trust.
The trust has seen its stake diluted after being unable to raise the $20 million from iwi, or the local investment community in general.
Hautaki chairman Brian Leighs told NBR that iwi, already hit by the recession, were unfamiliar with telecommunications as an asset class. Two investment funds also snubbed the trust, without giving a reason.
Representing "all Maori", Hautaki has brought both cash and - far more crucially - government-granted radio spectrum worth upwards of $5 million to 2degrees.
Trilogy, headed by multi-billionaire telco investor John Stanton, began last year with a 26% stake in 2degrees.
Mid-way through last year, an equity swap with Hong Kong’s GEMS saw Trilogy take majority control.
Trilogy took two-thirds of Hautaki’s surrendered shares this week, and CVP one-third, reflecting their current ownership percentages.
The Hong Kong-based KLR - the family investment vehicle of 2degrees’ founder Tex Edwards - maintains its minority holding.
The Arizona-based Stewart Sherriff - Trilogy’s CTO and 2degrees’ deputy chairman - had already been elevated to 2degrees chairman in anticipation of the ownership reshuffle.
Mr Sherriff replaces Hautaki’s Bill Osborne.
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