NZ regulator OKs Vodafone takeover of Australian subsidiary TelstraClear
October 31, 2012, 12:43 pm TWN
WELLINGTON -- New Zealand's competition watchdog gave a green light on Tuesday to British telecom giant Vodafone's NZ$840 million (US$689 million) bid for TelstraClear, Australian carrier Telstra's local subsidiary.
The New Zealand Commerce Commission said it reached the decision after examining the deal's potential impact on a range of telecommunications markets in New Zealand, including broadband and mobile phone services.
The takeover is expected to create a company capable of challenging Telecom Corp.'s market dominance in New Zealand.