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☆ NZ's Infratil to buy stake in One New Zealand for $1.1 bln
▼ + stars: | 2023-06-06 | by ( Navya Mittal | ) www.reuters.com time to read: +1 min

June 7 (Reuters) - New Zealand's infrastructure investor Infratil (IFT.NZ) said on Wednesday it will acquire Canada's Brookfield Asset Management's (BAM.TO) stake in One New Zealand for NZ$1.8 billion ($1.1 billion) to strengthen its digital and renewable portfolio. Infratil will have full control over the country's second biggest mobile market operator by market share after buying the 49.95% stake. One New Zealand, previously known as Vodafone NZ, has 2.7 million connections of its mobile and broadband networks. "Since acquiring One New Zealand with Brookfield in 2019, we have invested meaningful capital to support network expansion, including the roll-out of 5G, and are pleased to now assume full ownership of the business," said William Smales, chief investment officer at Morrison & Co, which manages Infratil. ($1 = 1.6466 New Zealand dollars)Reporting by Navya Mittal in Bengaluru; Editing by Chris Reese, Lisa Shumaker and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Boyes, William Smales, Navya Mittal, Chris Reese, Lisa Shumaker, Sherry Jacob, Phillips Organizations: NZ, Vodafone NZ, Morrison & Co, Zealand, Thomson Locations: New Zealand, Zealand, Brookfield, Bengaluru

☆ One New Zealand to use SpaceX satellites to improve coverage
▼ + stars: | 2023-04-03 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

WELLINGTON, April 3 (Reuters) - One New Zealand, formerly Vodafone NZ, said on Monday it had signed an agreement with billionaire Elon Musk's SpaceX to use the U.S. company's Starlink satellites to provide cell coverage to 100% of New Zealand from late 2024. The technology would initially be for text and multimedia messaging services but would later extend to voice and data services in areas of New Zealand not currently connected, One New Zealand added in a statement. One New Zealand's mobile network covers 98% of places New Zealanders live and work but currently covers only 50% of the country’s landmass. "When the service goes live, there will be coverage across the country whether you’re out on your boat, climbing a mountain, fixing a remote road or on your farm,” One New Zealand Chief Executive Jason Paris said. Reporting by Lucy Craymer; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

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