(Bloomberg) -- Trilogy International Partners Inc., the majority owner of New Zealand telco 2degrees, sold its stake to the owners of Vocus Group Ltd. in a deal valuing the firm at NZ$1.7 billion ($1.2 billion).
Trilogy sold its 73.2% holding to a joint venture between Macquarie Asset Management and Aware Super, according to a statement from Bellevue, Washington-based Trilogy on Friday. The Australian buyers had been pursuing a potential merger of 2degrees with Vocus unit Orcon Group since October, the statement said.
“Over the past several months, we have been focused on strategic initiatives to maximize value for our stakeholders,” Brad Horwitz, president and chief executive officer of Trilogy, said in the statement. “This transaction crystalizes value for Trilogy shareholders at a valuation which reflects the remarkable accomplishments of our team in New Zealand and runway for future growth.”
The deal, which is subject to regulatory and shareholder approvals, is expected to close in the first half of this year.
Trilogy and 2degrees were advised by Montarne, while Macquarie Asset Management, Aware Super and Vocus were advised by UBS Group AG.
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