Vodafone Announces Deal to Sell Vodafone New Zealand; Shares Undervalued
On May 13, Vodafone announced it agreed to sell Vodafone New Zealand to Infratil and Brookfield Asset Management for an enterprise value of NZ $3.4 billion (EUR 2.1 billion, $2.2 billion). Vodafone previously attempted to merge its New Zealand business with Sky New Zealand and, more recently, with TPG. However, both deals were struck down by regulators. With Vodafone's efforts to grow in New Zealand thwarted by regulators, it chose to exit the market and will use the cash to reduce debt. The dea...
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