Fairfax to trade some of TradeMe

Fairfax to trade some of TradeMe

Summary: Fairfax has announced that it's getting ready for an initial public offering of TradeMe, New Zealand's largest online auctions and classifieds business.

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TOPICS: Legal
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Fairfax has announced that it's getting ready for an initial public offering of TradeMe, New Zealand's largest online auctions and classifieds business.

Fairfax said that it intends to sell between 30 per cent and 35 per cent of TradeMe, with the timing of the IPO dependent on market conditions and price.

Fairfax Media chief executive Greg Hywood said that Fairfax did not need to sell TradeMe, but he believed that it was in the interests of the company.

"We believe that TradeMe is a good standalone business, and would benefit from governance arrangements that gave it greater access to capital," Hywood said.

Fairfax bought TradeMe in 2006 for NZ$700 million.

As part of its results announcement to the Australian Stock Exchange today, Fairfax said it is looking forward to the ongoing roll-out of the National Broadband Network (NBN), which will allow the media giant to expand its regional news coverage.

Fairfax also said it's planning increased spend in its digital division to take advantage of the NBN's regional reach.

Luke Hopewell also contributed to this article.

Topic: Legal

Suzanne Tindal

About Suzanne Tindal

Suzanne Tindal cut her teeth at ZDNet.com.au as the site's telecommunications reporter, a role that saw her break some of the biggest stories associated with the National Broadband Network process. She then turned her attention to all matters in government and corporate ICT circles. Now she's taking on the whole gamut as news editor for the site.

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