NZ regulator clears Vodafone takeover of TelstraClear
Louise Duffy | 30-10-2012
British mobile phone operator Vodafone has received the green light for its NZ$840m (£429m) takeover of Australian telco Telstra's struggling New Zealand operations.
Reuters reports that New Zealand's competition regulator has approved Vodafone's move to acquire TelstraClear's fixed-line and internet operations, giving Vodafone more muscle to take on Telecom New Zealand, which dominates the sector.
"The commission is satisfied that the proposed acquisition would be unlikely to substantially lessen competition in any of the relevant markets," Commerce Commission chair Mark Berry said in a statement.
The takeover will combine Vodafone's mobile network with TelstraClear's fixed-line phone and broadband operations, giving it a near 30% market share, closing the gap with Telecom, which controls just over half of the market.