Vodafone eyes up Telstra division

Telecoms giant Vodafone has confirmed that it is talking with Australian peer Telstra about buying its New Zealand subsidiary, TelstraClear.

The division was first created in 2001 through the combination of Telstra unit TelstraSaturn and BT's Clear Communications; it is now one of New Zealand's biggest full-services telecommunications groups and has around 300,000 customers.

According to the Financial Times, the deal could be worth around A$300-400m, or £191-255m.

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"Discussions are continuing and there is no certainty as to whether an agreement will be reached. A further announcement will be made in due course, if appropriate," the firm announced on Wednesday.

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