Vocus Group no longer looking to sell New Zealand telco assets

By Addie Thomes

Vocus Group has announced it will be keeping hold of its business portfolio in New Zealand after failing to receive a bid high enough to satisfy its valuation.

The Melbourne-based communications firm has several assets across the Tasman Sea, including CallPlus, Flip and Orcon, and will continue to develop these brands.

Its original intention was to sell these assets in a bid to pay down debts accumulated through a recent period of expansion.

See also:

However, although Vocus received multiple offers for Vocus NZ, in the board’s view, none of these offers appropriately reflected the fundamental and strategic value of Vocus NZ nor provided sufficient certainty of funding and execution.

Vocus Chairman Bob Mansfield commented: “Vocus NZ is an excellent business with strong leadership, an attractive growth profile, a clear competitive position and a track record of delivering solid returns on capital.

“The board intends to continue to invest in and grow Vocus NZ to enable that business to realise its strategic potential for shareholders.”

Vocus owns an extensive national infrastructure network of metro and back haul fibre connecting all capital cities and most regional cities across Australia and New Zealand. It recently diversified its interests in New Zealand by partnering with Switch Utilities, an electricity retailer with more than 12,500 customers.


Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights


Why Deloitte Australia’s HR technology is winning awards

Human Capital