LONDON—British Telecommunications plc agreed to sell Clear Communications, its wholly owned New Zealand subsidiary, to TelstraSaturn for $181 million in cash. Clear Communications purchased third-generation spectrum in New Zealand earlier this year.
BT said the sale was part of its strategy to refocus on its business in key markets. BT first acquired a 25-percent stake in Clear Communications, New Zealand’s second-largest telephone and Internet service provider, in March 1996 and assumed full ownership of the company in 1999.
TelstraSaturn, which is owned by Australia’s Telstra Corp. and offers mobile, voice, data, Internet and cable television services in New Zealand, also purchased 3G spectrum in New Zealand in the country’s auction, which ended in January.
The acquisition creates a virtual duopoly market in New Zealand with No. 1 telecom provider Telecom New Zealand.
