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.