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New Zealand's Telecom Corp. sells its Australian arm to TPG Telecom

WELLINGTON--New Zealand's dominant telecommunications company Telecom Corp. announced a deal on Monday to sell its Australian arm AAPT to Sydney-based TPG Telecom for AU$450 million (US$411 million).

Telecom said the sale was part of a restructuring that involves the company, which in August posted a fall in annual net profit of almost 80 percent, focusing on its home market

Under the changes, Telecom is attempting to become more than a mobile and fixed-line infrastructure provider, branching out into areas such as entertainment and cloud computing to meet evolving demand.

Telecom paid about NZ$2.2 billion (US$1.8 billion at current exchange rates) for AAPT when it bought the company under a deal announced in 1999 at the height of the dotcom boom.

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