Telstra Corporation Limited
(ASX:TLS) has received New Zealand regulatory approval for the sale of its broadband internet service TelstraClear to Vodafone New Zealand.
Australia’s biggest telco first announced the sale in July. The transaction will generate proceeds of $667 million as well as $391 million in cash via a pre-completion dividend.
TelstraClear is one of New Zealand’s largest full-service communications companies servicing business, government, wholesale and residential sectors.
In the 2012 financial year Telstra posted a net profit of $3.4 billion.
