Forum Archive Index - March 2000

[frank.fernandez@xtra.co.nz]

23 March 2000 
   
TELECOM ACQUIRES INL STAKE  
  
Telecom New Zealand today purchased a 5.7 percent shareholding in the INL Group.

Telecom purchased 21.2 million shares overnight, at $4.25 per share, 
representing 5.1 percent and remained in the market today. A total of 22.3 
million shares, or 5.7 percent was acquired.

“We were wanting to achieve a shareholding in the company of somewhere between 
5 and 10 percent and so we are very comfortable with the level we have 
acquired,” Telecom Chief Executive Theresa Gattung said.

“It is indicative of a small strategic position, which will allow us to build a 
closer relationship over time.”

The total purchase has cost approximately $94.6 million.

Ms Gattung said the move recognises there are potential synergies between the 
content and Internet industries. “It is further evidence of Telecom’s 
transition from a traditional telecommunications company to a serious on-line 
and solutions player,” she said. “It is also a good fit with other strategic 
initiatives, including the EDS, Microsoft alliance and the investment in AAPT.

“We are operating in a converging, global industry, with several world players 
in New Zealand. This represents a sound investment for us, with good prospects 
for the future."
  
  




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