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Telecom New Zealand NZX: TEL ASX: TEL NYSE: NZT is a Wellington-based telephone company run as a publicly-traded private company since 1990. It is also New Zealand's second largest mobile operator. more...

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Telecom is the largest company by value on the New Zealand Exchange (NZX) and movements in its share price have a great influence on the index of movements in the top 50 companies.

Telecom was formed in 1987 from a division of the New Zealand Post Office and privatised in 1990. The selling price is still considered by many to be extremely low, given that Telecom had a monopoly of all phone lines in New Zealand at the time. Others consider that the capital requirements to modernise the network were better provided by private enterprise than the government.

History

1987

The New Zealand Post Office divests itself of the newly created Telecom which was created as a State Owned Enterprise (SOE) on March 31.; The Government-owned Telecom Corporation is to have a commercial focus. It purchases telecommunications assets of the Post Office for NZ$3.2 billion and work begins on improving the services and network.; Telecom launches its 025 mobile network and CDPD mobile data network. The New Zealand telecommunications market is progressively deregulated.;

1990

Telecom is sold to two United States-based telecommunications companies, Bell Atlantic and Ameritech, for NZ$4.25 billion . The two companies today still have part-ownership of the company .;

Clear Communications (now TelstraClear), begins the first network to compete with Telecom.;

The Kiwi Share agreement is drawn up and part of this agreement retains free local calling for residential customers.;

1991

Telecom lists on the New Zealand, Australian and New York stock exchanges.;

1992

Telecom implements a NZ$200 million dollar fibre-optic cable connection between Australia and New Zealand.;

1993

Ameritech and Bell Atlantic reduce their shares in Telecom to a combined 49.6%.; BellSouth (now Vodafone) sets up the first mobile network to compete with Telecom.;

1995

Clear Communications reaches an agreement on local service interconnection.; Telecom creates First Media Ltd to develop a cable television network across Auckland and Wellington, called First TV;

1996

Telecom establishes a telephone exchange in the United States for international traffic.; Telstra New Zealand Limited (now TelstraClear) sets up operations in the New Zealand business market.; Telecom launches an Internet Service Provider, Xtra, which is New Zealand's largest internet service provider today.;

Read more at Wikipedia.org