New Zealand's Trilogy completes sale of Two Degrees to Voyage Digital

Trilogy International Partners Inc. completed its previously announced sale of unit Two Degrees Mobile Ltd. to Voyage Digital (NZ) Ltd., according to a May 19 announcement.

In December 2021, Trilogy and its minority partner, Tesbrit BV, agreed to sell the New Zealand-based telco operator to Voyage Digital for an equity value of about NZ$1.32 billion. Trilogy owned 73.17% of the equity in Two Degrees.

Trilogy expects to receive roughly NZ$905 million at closing, after distributions to minority shareholders, settlement of Two Degrees options and reductions for certain costs. The amount will be exclusive of Trilogy's share of NZ$30 million that will be held in escrow to secure the payment of certain potential indemnification and other claims through the first year of the closing.

Montarne advised Trilogy and Two Degrees on the deal.

Trilogy is the parent company of wireless and fixed-broadband operator Trilogy International Partners LLC.