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iiNet closes $60m AAPT unit deal

iiNet closes $60m AAPT unit deal

ISP iiNet (ASX:TSM) has completed the purchase of AAPT's consumer division for $60 million, a day after shareholders approved the deal.

Shareholders in iiNet cleared the purchase of the assets from Telecom New Zealand (ASX:MAQ) and iiNet, the company has earned $140 million from the rationalisation of its non core assets in Australia.

“Telecom is pleased with the cash generated by these transactions,” Telecom CEO Paul Reynolds said. “We believe AAPT will be well positioned for future growth through focus on its core strengths.”

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Tags aaptASX:IINiiNetASX:TELMergers and acquisitionsTelecom NZ

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