Vocus Group has decided against selling its New Zealand business, announcing today that it has “ceased all discussions with interested parties in the sale process”.
Vocus said that it had received multiple offers for Vocus NZ. The ASX-listed telco in October 2017 announced its intention to sell its NZ business, with the sale intended to be completed by June this year.
Following its 2016 merger with M2, Vocus announced that intended to become “the leading challenger telco across Australia and New Zealand.”
“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,” Vocus chairperson Bob Mansfield said in a statement released this morning.
“The board intends to continue to invest in and grow Vocus NZ to enable that business to realise its strategic potential for shareholders”.
At the start of this year, Vocus detailed a new operating structure, moving to four divisions: Consumer, Enterprise & Government, Wholesale & International, and New Zealand.
Vocus announced in February that its CEO, Geoff Horth, would leave the telco after a tumultuous period for the telco following the 2016 merger. The company in February announced it was revising its full year guidance.