Feeds

BlackRock takes $NZ250m taste of Telecom NZ

Bigger bite or placeholder for coming attractions?

Internet Security Threat Report 2014

New York investment giant BlackRock Inc has stepped into the New Zealand telecos market taking a five per cent stake in Telecom New Zealand.

The $NZ250 million stake was revealed on Friday via a stock exchange filing and involved 96 million shares built up through 16 subsidiaries.

BlackRock is now part of the top five largest shareholders in the carrier which recently received the green light to separate into retail and wholesale operations.

The split allows the wholesale entity, Chorus, the ability to build the majority of New Zealand's nationwide fibre network. Once separated, Chorus will retain the copper network assets and the majority of exchange buildings, while Telecom will remain a retail business comprising the mobile network, the company's international businesses and its share in Southern Cross Cable, the fibre cable linking New Zealand, Australia and the US.

It is unclear what BlackRock’s intentions are at this stage with analysts speculating it may be an anchor stake in an impending takeover.

In last month’s quarterly report BlackRock, said it had US$3.66 trillion of global assets under management. It’s client base includes corporate, public, union and industry pension plans, governments, insurance companies, third-party mutual funds, endowments, foundations, charities, sovereign wealth funds, banks and individuals. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.