MTM says it will sell its stake in MTM Australia subsidiary
AUSTRALIA’S largest mobile operator MTM has said it will continue to sell its interest in Australia’s largest mobile network, MTZ.
The Australian Financial Press has reported that the MTM unit, which includes Vodafone Australia, has agreed to sell off its remaining 30 per cent interest in MTZ’s Australian operations.
The deal is valued at $US1.1 billion, or $1.5 billion above the value of the unit as reported by Bloomberg.MTM Australia managing director Tony Williams said the sale would help MTM “to better compete with incumbent carriers in the digital market.”MTZ is owned by Japanese telecoms company Softbank and was launched in 2009 by a consortium led by AT&T.
In March, MTB announced it was buying its majority stake in the company, which operates a network of more than 20 million subscribers across Australia, New Zealand, Hong Kong and Singapore.
MTB’s shares closed at $6.40 on Monday.