No Vocus sale, for now
Vocus New Zealand is off the chopping block, for now at least.
The telco group, which includes well-known brands such as CallPlus and Slingshot, as well as New Zealand-based data centre among other assets, was put up for sale by its Australian parent company earlier this year in a move which will be familiar to watchers of Australian-owned New Zealand assets.
However despite receiving a number of offers for the local division, none were deemed to be close enough to the asking price (rumoured to be around A$400 million).
"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", the company said in a written statement.
Spark and 2degrees both expressed interest in the New Zealand assets, however it was electricity company Trustpower which was signalled to be the preferred bidder as late as last month.
Now, however, the Australian-owned company will seek to restructure its business lines on both sides of the Tasman.
The company has been struggling to manage its debt burden and is looking to refinance its operation by the end of its financial year.
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