M2 acquires NZ's mobile operator

M2 Communications has acquired the assets of New Zealand telecommunications provider Black and White Group Limited (M2NZ).

The assets included customer contracts, all operating systems and all associated intellectual property including the brand, according to the ASX announcement. 

The purchase will be completed via an issue of shares in M2NZ to Black and White shareholders and the ownership structure will be 70 percent M2 and 30 percent Black and White.

Further, M2 has appointed Johnathan Eele as chief executive and managing director of M2NZ. Eele was a former executive at Telecom New Zealand and founder and managing director of Black and White.

M2NZ has also appointed Troy Elliot as sales director.

M2 managing director Vaughan Bowen said for M2 to develop "similarly positive growth to that achieved in Australia... greater scale and strong vested local management were key requirements".

"The extra scale and support that comes from bringing together the M2NZ and Black and White businesses creates an ideal platform for a marketed expansion of our presence in New Zealand over the coming years," he said.