Potential Clear buyers seek financial deal

A spokesperson for the BNZ would neither confirm nor deny the bank's role in any deal to providing funding for a buy-out of Clear Communications.

A spokesperson for the Bank of New Zealand will neither confirm nor deny the bank's role in any deal to providing funding for a buy-out of Clear Communications.

Clear's current owner, British Telecom, has signalled its intention to sell at least a controlling stake in Clear and IDGNet understands a deal has been signed with a consortium that includes New Zealand based Jump Capital and US-based Berkshire Partners.

"It's not our position to comment on customer matters - they're confidential," says the BNZ spokesperson.

News agency Reuters is reporting that BNZ and ANZ Bank have been approached to arrange the loan, rumoured to be worth between $NZ300 and $NZ600 million. BT is thought to have paid $NZ1 billion for the telco.

Reuters quotes an unnamed banker "close to the transaction" who stresses the deal is yet to be completed.

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