Tuesday 5th April 2016
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Spark New Zealand, the telecommunications retailer, says it has now received all regulatory approvals for its planned purchase of a block of wireless spectrum for $9 million.
The telecommunications company said the deal had now been signed off by both the Ministry of Business, Innovation and Employment and the Commerce Commission. The regulator issued a statement approving the sale on March 24.
Craig Wireless and its Woosh subsidiary put a 70MHz block of 2.3GHz up for sale after selling its 9,000 customers to M2 Group, leaving it with two other spectrum management rights.
Spark says the transaction should be completed in 10 business days. The Auckland-based company will use the spectrum to expand its fixed wireless offering in urban areas, targeting those with poor quality copper connections and who are currently unable to connect to fibre. Spark's website says it is piloting home wireless broadband in urban areas on an invitation-only basis, with customers invited to check if it is available in their area.
Shares in Spark are currently down 1% at $3.445 but have risen 5.9% since the start of the year.
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