Publicly listed New Zealand telco TeamTalk Limited has agreed to sell its remaining 30% stake in BayCity Communications Limited, trading as Farmside, to Vodafone NZ for NZD3.0 million (USD2.1 million). Previously, in June 2017 Vodafone acquired 70% of Farmside for NZD10 million in cash. That transaction included put and call options that enabled TeamTalk to sell its remaining stake to Vodafone within a three-year time period. The ownership change will take effect at midnight on 31 May 2018.
Vodafone NZ CEO Russell Stanners commented: ‘Rural communities are important to us and this investment further deepens Vodafone’s long standing commitment to them. With Farmside now firmly part of the Vodafone whanau [Maori-language word for extended family], we can continue to deliver better outcomes for these communities and increase our presence in the rural broadband market.’