Telecom NZ's acquisition of PowerTel gets green light

in brief Telecom New Zealand's acquisition of PowerTel is one step closer after PowerTel's shareholders today voted in favour of the deal.PowerTel managing director Paul Broad said in a statement that the shareholders' approval was the next step in bringing the telecommunication providers together.

in brief Telecom New Zealand's acquisition of PowerTel is one step closer after PowerTel's shareholders today voted in favour of the deal.

PowerTel managing director Paul Broad said in a statement that the shareholders' approval was the next step in bringing the telecommunication providers together.

"Since we announced the acquisition in late January, we have been undertaking the various regulatory and due diligence procedures and today's approval by shareholders brings us closer to the conclusion."

The next step, according to Broad, is to get the final approval of the Federal Court for the scheme. He anticipates the deal will be completed early next month.

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