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Infratil, Brookfield to pay $2.06B cash and assume $1.34B of debt for Vodafone NZ
Rebecca Howard | Mon, 13 May 2019

By Rebecca Howard May 14 (BusinessDesk) -  Infratil and Brookfield Asset Management's $3.4 billion purchase of Vodafone NZ will see them each pay $1.03 billion for a 49.9 percent stake. The balance will come from taking on about $1.34 billion of Vodafone New Zealand's debt,...

UPDATE: Infratil, Brookfield purchase values Vodafone NZ at $3.4 billion
Rebecca Howard | Mon, 13 May 2019

(Updates to add detail, financials in paragraph seven)  By Rebecca Howard May 14 (BusinessDesk) - Vodafone Group has sold Vodafone New Zealand to a consortium comprising Infratil and Canada's Brookfield Asset Management for an enterprise value of $3.4 billion, it said in a...

UPDATE: Trustpower well-positioned for volatile market, renewables development
Gavin Evans | Mon, 13 May 2019

(Updates with comment from CEO Hawksworth from third paragraph. Adds detail throughout.) By Gavin Evans May 13 (BusinessDesk) - Trustpower says a “material” volume of new generation will be required to meet demand during the next three years and wholesale prices are likely...

Vital won't participate in Healthscope purchase
Jenny Ruth | Fri, 10 May 2019

By Jenny Ruth May 10 (BusinessDesk) - Vital Healthcare Property Trust’s manager says it won’t proceed with the Healthscope purchase and the manger’s chief executive, David Carr, has resigned. Carr will be replaced by Miles Wentworth who had managed the NZX-listed Vital when...

Kiwis splash out on travel, food in April as card spending rises
Rebecca Howard | Fri, 10 May 2019

By Rebecca Howard May 10 (BusinessDesk) - Spending on credit and debit cards increased in April as people took advantage of the extended holiday period to travel and eat out more.  Seasonally-adjusted card spending increased 0.6 percent in April after a 0.2 percent dip in M...

Ike shares climb 10% after signing up two large customers
Gavin Evans | Thu, 09 May 2019

By Gavin Evans May 10 (BusinessDesk) - IkeGPS shares climbed 10 percent after it said two major US telecommunications providers have signed up for the utilities measurement specialist's Ike Analyze service. It describes Connecticut-based Charter Communications as the larges...

Infratil in talks to buy Vodafone NZ
Rebecca Howard | Thu, 09 May 2019

By Rebecca Howard May 10 (BusinessDesk) -  Infratil says it is in talks with another party to buy Vodafone Group's New Zealand business. Infratil, which is managed by Morrison and Co, was put on a trading halt by the New Zealand stock exchange. The stock last traded at $4.6...

Geo's annual sales to fall short of guidance, break-even postponed
Jenny Ruth | Wed, 08 May 2019

By Jenny Ruth May 9 (BusinessDesk) - Struggling workforce productivity software company Geo says annual sales will fall short of guidance and that break-even is further out. “Geo now expects that its year-on-year growth in annual recurring – subscription – revenues will be...

Pushpay appoints chairman Bruce Gordon new CEO
Rebecca Howard | Wed, 08 May 2019

By Rebecca Howard May 8 (BusinessDesk) - Digital church collection payment operator Pushpay said it has appointed board chairman Bruce Gordon as the new chief executive after Chris Heaslip resigned effective May 31.  Gordon, who will assume the role from June 1,  will also...

Pushpay lifts FY19 net profit; FY20 guidance upbeat
Rebecca Howard | Tue, 07 May 2019

By Rebecca Howard May 8 (BusinessDesk) -  Digital church collection payment operator Pushpay is upbeat about the coming year after lifting revenue by 40 percent and reporting a full-year net profit. The NZX-listed, US-headquartered software-as-a-service company, reported a...

Evolve to raise $63.5M at steep discount to repay debt, buy Australian centres
Paul McBeth | Tue, 07 May 2019

By Paul McBeth May 8 (BusinessDesk) - Evolve Education Group plans to raise $63.5 million at a 65 percent discount to repay debt and fund a push into Australia.  The capital raised will help strengthen the childcare operator's balance sheet just ahead of announcing its annu...

Genesis seeks buyer for $18M of customer debt
Gavin Evans | Tue, 07 May 2019

By Gavin Evans May 7 (BusinessDesk) - Genesis Energy is aiming to sell up to $18.4 million of debt it has been unable to recover from its retail customers. The country’s biggest electricity and gas retailer is seeking quotes from firms interested in buying the debt and reco...

UPDATE: Westpac NZ delivers 15% lift in first-half net profit
Jenny Ruth | Mon, 06 May 2019

(Updates with comment from David McLean from 5th par) By Jenny Ruth May 6 (BusinessDesk) - Westpac New Zealand will have brought a note of cheer to its parent’s dismal results as fixing problems revealed by the royal commission into financial services continue to dog the Au...

Air NZ's long, hard $100M flightpath to China
Nikki Mandow | Mon, 06 May 2019

By Nikki Mandow May 6 (BusinessDesk) - Air New Zealand has lost $100 million in the 13 years it has been flying to China, chief executive Christopher Luxon says. The cumulative loss in that time is largely because it is competing in the Chinese market with government-affili...

Technology at scale key to Z Energy's future growth
Gavin Evans | Fri, 03 May 2019

By Gavin Evans May 3 (BusinessDesk) - Deploying new technology at scale to provide better services will be a key part of Z Energy’s future growth, chief executive Mike Bennetts says. New Zealand’s biggest fuel retailer spent about $10 million in the past year on a range of...

Spheria Asset Management takes A$4.8M stake in NZME
Paul McBeth | Thu, 02 May 2019

By Paul McBeth May 3 (BusinessDesk) - Spheria Asset Management spent A$4.8 million building up a 5.3 percent stake in NZME to become the latest Australian fund manager to take a punt on the Kiwi media group.  The Sydney-based firm bought almost 10.4 million shares at an ave...

UPDATE: BNZ lifts first-half profit 12.2% as lending grows and margins fatten
Jenny Ruth | Thu, 02 May 2019

(Updating with comment from 7th paragraph) By Jenny Ruth May 2 (BusinessDesk) - Bank of New Zealand’s first-half net profit jumped 12.2 percent, boosted by gains on the sale of its 25 percent stake in Paymark and increased business and housing lending. The bank, which is...

UPDATE: Z Energy shares rise on savings, dividend guidance
Gavin Evans | Thu, 02 May 2019

(Recasts to focus on savings initiatives, adds share price in 8th paragraph, Marpol risk to end) By Gavin Evans May 2 (BusinessDesk) - Z Energy shares rose after the company forecast a $22 million benefit from its efficiency initiatives in the current year and signalled at...

Vodafone fined $350,000 for billing former customers
Paul McBeth | Wed, 01 May 2019

By Paul McBeth May 1 (BusinessDesk) - Vodafone New Zealand has been fined $350,000 for charging more than 29,000 customers after the end date of cancelled contracts with the country's biggest mobile carrier.  The telco was today sentenced in the Auckland District Court afte...


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