Vodafone New Zealand Ltd. is set to gain full ownership of Farmside, the rural broadband and satellite arm of New Zealand-based telecom operator TeamTalk Ltd.
This comes after TeamTalk and Vodafone NZ reached an agreement that will see Vodafone paying NZ$3 million to acquire the remaining 30% stake it does not own in BayCity Communications Ltd., which trades as Farmside.
In April 2017, the New Zealand unit of Vodafone Group PLC acquired a 70% stake in Farmside for NZ$10 million in cash. The deal included the option to sell the remaining stake to Vodafone at any time within three years.
According to TeamTalk CEO Andrew Miller, the sale consolidates the company's business and enables it to focus on key priorities, such as rolling out its National Digital Tier III Network.
Vodafone New Zealand, which will gain full ownership on May 31, said it currently has "no plans" to make major changes to Farmside's staff or operations.
