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Clear sale gets Commission green light

By Phil Boeyen, ShareChat Business News Editor

Friday 7th December 2001

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Australian telco Telstra (NZSE: TLS) has received regulatory clearance to proceed with its purchase of Clear Communications.

The company announced last month it had agreed to buy Clear from its UK owner, British Telecom, for $435 million.

Telstra plans to fold clear into its New Zealand Austar joint venture, TelstraSaturn, making it the second largest full service carrier in New Zealand with more than 300,000 customers and 11% of the market.

The deal was awaiting Commerce Commission clearance and acting spokesperson, Paula Rebstock says the Commission is satisfied that the proposed acquisition would not substantially lessen competition in any market.

New Zealand has a substantially deregulated telecommunications market dominated by former state-owned Telecom (NZSE: TEL) but with a number of competitors in both the fixed line and mobile markets.

TelstraSaturn operates telephone, internet and data services and cable TV services and also owns a web design company, Zivo.

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