The board of Pacific Fibre has announced it will cease operations, citing an inability to raise the $400million required to fund the cable build.
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Telecom has reported a huge drop in net earnings to $166 million, a 56.5 percent decrease compared to last year, when earnings were $382 million.
Telecom and Enable Networks in Christchurch will partner with the government in the Ultra Fast Broadband network.
Datacraft's purchase of Integral Axon is now unconditional.
In a statement, Datacraft New Zealand managing director Robin Hartendorp says he is pleased "all conditions had been met and that the offer had been declared wholly unconditional".