Vodafone New Zealand has said that  it has agreed to buy  TelstraClear Limited (“TelstraClear”), the New Zealand business of Telstra Corporation, for a cash consideration of NZ$840 million.

The transaction is expected to complete in the fourth calendar quarter of 2012, subject to approval from the New Zealand Commerce Commission, the Ministry of Business, Innovation and Employment and the Overseas Investment Office.

The acquisition of TelstraClear will strengthen Vodafone’s portfolio of fixed communications solutions, particularly with business customers, and complement Vodafone’s existing mobile offerings. Combined, this will allow Vodafone to meet the total communications needs of its customers.

Vodafone New Zealand Chief Executive, Russell Stanners, said the acquisition gives Vodafone a compelling set of products and capabilities for consumers and businesses, which will allow the company to innovate and grow, particularly as fibre rolls out across New Zealand.

“We are delighted with the opportunity to acquire TelstraClear, a company with an outstanding portfolio of fixed solutions supported by an experienced team. The two businesses are very complementary and, when combined, will enhance our ability to meet the communications needs of customers from the Far North to Southland.

“The transaction is expected to create significant cost and capex savings from a combination of the two companies’ networks, commercial operations and administrative functions. If approved, it will create a new force in the New Zealand market in readiness for the ultra-fast broadband roll out, providing customers with a full suite of fixed and mobile telecommunications products.”

Stanners says Vodafone is committed to continuing to deliver a great customer experience to Vodafone and TelstraClear customers.

“We are excited by the opportunity to work with the TelstraClear team to deliver an unmatched customer experience and are committed to building on our regional presence particularly in Christchurch as part of our overall commitment to the region’s rebuild.”