Ameritech Corp. has announced that its 24.95 percent stake in Telecom New Zealand will be for sale next year.
At current market price Ameritech's stake in the state-owned telecommunications provider is valued at almost US$2.2 billion, the company said. Telecom New Zealand provides local, long distance and cellular services to 1.8 million fixed line and 456,300 cellular customers, according to Ameritech, based in Chicago.
Ameritech said the move is part of its effort to limit current international expansion to Europe and North America. Just last week Ameritech received clearance from the European Commission to acquire 40 percent of Tele Danmark A/S.
Ameritech has invested $5 billion in Europe's more than $350 billion telecommunications market set top open to full competition next month. Ameritech holds stakes in European telecom companies such as Belgacom of Belgium, Matav Hungarian Telecommunications Co. of Hungary, NetCom of Norway.
Ameritech, based in Chicago, can be reached at +1-800-327-9346 or http://www.ameritech.com/.