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Aussie firm downplays 2Degrees sales talk

NZN 22/08/2016 Paul McBeth

TPG Telecom, the Australian company that bought Spark New Zealand's AAPT business in 2013, has hosed down speculation it's on the verge of buying Two Degrees Mobile.

Australian media reported the ASX-listed company founded by billionaire David Teoh was nearing a deal to buy 2degrees for as much as $900 million after the New Zealand mobile operator gave up on a planned $150m initial public offering.

In a statement to the ASX, the Sydney-based company said "it is not currently in discussions with 2degrees or its representatives".

New Zealand's 2degrees reported a net loss of $33.1m on revenue of $569m in calendar 2015 as the acquisition of internet service provider Snap bolstered its top-line sales, transforming the company into a full-service offering.

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