LONDON: Vodafone Group Plc has completed the sale of 100% of Vodafone New Zealand Limited (VFNZ) to a consortium comprising Infratil Limited and Brookfield Asset Management Inc. for a cash consideration equivalent to an Enterprise Value of NZ $3.4 billion (€2.1 billion).

Vodafone and VFNZ have now entered into a Partner Market agreement, which includes use of the Vodafone brand, preferential roaming arrangements, access to Vodafone’s global IoT platform and central procurement function, and a range of services for the business and consumer markets.

Proceeds from the sale will be used to reduce Vodafone’s net debt.

Nick Read, CEO, Vodafone Group, said: “This transaction is a continuation of our strategy to optimise our portfolio and reduce our debt.  I am pleased we will continue our 21-year relationship with the business and talented team in New Zealand through a Partner Market agreement, delivering Vodafone’s technology and services to benefit the country as it transitions to a digital society.”