TPG Telecom Limited
(ASX:TPM) has finalised a deal for the purchase of AAPT's business and wholesale divisions from New Zealand Telecom for $450 million.
The sale comes in at approximately 6.4 times AAPT's annualised EBITDA of $70 million.
The sale will be completed on February 28 next year.
In 2010, New Zealand Telecom sold AAPT's consumer division to iiNet for $60 million.
TPG said it will fund the sale by increasing debt.
TPG generated a net profit of $149 million in fiscal 2013.
