Spark New Zealand has entered into a conditional agreement to sell 100% of share capital in Telecom Rentals Limited (TRL) for $106 million to FlexiGroup Limited.
Announced via the New Zealand Stock Exchange today, TRL earns approximately $5 million of EBITDA per annum.
Established in 2006, TRL is a wholly owned subsidiary of the Spark New Zealand Group and provides leasing of ICT and Telecommunications equipment.
This divestment is in line with Spark New Zealand’s strategy to focus on digital services and its ambition to become a winning business, inspired by customers to unleash the potential in all New Zealanders.
The transaction is expected to complete by 30 April 2015.