TPG Telecom hoses down 2Degrees speculation

TPG Telecom, the Australian company that bought Spark New Zealand's AAPT business in 2013, has hosed down speculation it's on the verge of buying Two Degrees Mobile. 

Australian media reported the ASX-listed company founded by billionaire David Teoh was nearing a deal to buy 2degrees for as much as $900 million after the New Zealand mobile operator gave up on a planned $150 million initial public offering. 

In a statement to the ASX, the Sydney-based company said "it is not currently in discussions with 2degrees or its representatives". 

New Zealand's 2degrees reported a net loss of $33.1 million on revenue of $569 million in calendar 2015 as the acquisition of internet service provider Snap bolstered its top-line sales, transforming the company into a full-service offering.

BusinessDesk.co.nz

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