April 23, 2018 / 10:53 PM / a month ago

Australia's Vocus Group ends talks for sale of New Zealand arm

(Reuters) - Australian internet company Vocus Group Ltd (VOC.AX) said on Tuesday it ended discussions with interested parties for the sale of its New Zealand business, choosing instead to retain it.

“Although Vocus received multiple offers for Vocus NZ, in the board’s view, none of these offers appropriately reflected the fundamental and strategic value of Vocus NZ”, the company said in a statement.

Late in March, Vocus confirmed reports from local media of its intentions to divest its New Zealand arm by June 2018.

    Vocus said in January it intended to separate the enterprise and wholesale arm of its Australia business resulting in the creation of four reportable operating arms - enterprise and government, wholesale and international, consumer and a separate segment for New Zealand.

    The company, which is in a turnaround phase and has been struggling to manage its debt load, had announced the restructuring plans to simplify its business structure.

    Vocus also said it had continued to progress on plans to refinance its debt and looked to complete the refinancing by the end of the current fiscal year.

    Reporting by Devika Syamnath in Bengaluru; Editing by Peter Cooney

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