Telecom NZ sells Macquarie Telecom stake for $9.9 million

Telecom New Zealand (ASX:TEL) has announced the $9.9 million sale of its stake in Macquarie Telecom .

Speaking to Computerworld Australia, a spokesperson for Telecom NZ could not confirm the details of the buyer, saying only that the share was sold by a broker as a block trade – a large amount of shares sold as a single unit.

Telecom NZ declined to comment on whether it had received offers for its AAPT business, but did reiterate that it is not regarded as a strategic or core asset to the company. Speculation has heightened that ISP iiNet (ASX:IIN) may seek to purchase a large stake in AAPT, after it asked for a trading halt on the ASX until Monday.

Telecom NZ's investment in Macquarie Telecom was valued at $9.5 million at 30 June 2010.

There are no changes to guidance as a result of this sale.

In April, the company revised its financial guidance for the financial year 2011 through 2013 which reflected the impact of several regulatory and market factors, including lower mobile revenue growth and price pressures in voice and data markets.

Copyright © 2010 IDG Communications, Inc.

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