Vodafone NZ and Sky complete $2.4bn merger

Vodafone NZ and Sky complete $2.4bn merger

Mobile carrier Vodafone has announced its New Zealand unit is to merge with Sky Network in a $2.4 billion deal.

Vodafone is set to own 51% of the combined company and the head of Vodafone's New Zealand operations Russell Stanners will be the chief executive of the new company.

Sky will pay Vodafone NZ$1.25 billion in cash and issue new shares at a 21% premium to its closing price on Wednesday.

Vodafone NZ has more than 2.35 million mobile connections and more than half-a-million fixed line connections. Sky has 830,000 subscribers. 

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