A small Australian telecoms company has just bought Spark New Zealand's global wholesale voice business

Photo: Matt Cardy/Getty Images

My Net Fone Limited has bought the global wholesale voice business of Spark, formerly Telecom New Zealand, for $NZ22.4 million.

Spark has operations in six countries, carries more than 2.8 billion minutes of voice a year and has 220 wholesale voice customers.

My Net Fone forecasts the acquisition will generate revenue between $AU90 million and $AU100 million in 2016.

CEO Rene Sugo says it would have taken the company many years and a far greater investment to build the team, capabilities, customer base and network reach of Spark’s business.

The until-now-debt-free My Net Fone will fund the acquisition through a $25 million bank facility.

The company reported a 31% rise in half year profit to $2.4 million on the back of a 6.4% increase in revenue to $28.5 million.

Spark says the divestment is in line with its strategy to focus on its New Zealand operations.

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