Telecom sells AAPT for A$450M to TPG Telecom

Sun, 08 Dec 2013

By Paul McBeth Dec. 9 (BusinessDesk) - Telecom Corp, the country’s biggest telecommunications company, has sold its Australian AAPT unit for A$450 million to ASX-listed internet service provider, TPG Telecom, beating initial expectations of what the unit would go for. The Goldman Sachs-managed sale is expected to be completed on Feb. 28, and was at a multiple of about 6.4 times AAPT’s recurring annualised earnings before interest, tax, depreciation and amortisation of $70 million, Telecom said in a statement. When Telecom announced the unit...

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