NZ's Telecom says to sell AAPT to Australia's TPG Telecom Ltd

WELLINGTON Sun Dec 8, 2013 2:55pm EST

WELLINGTON Dec 9 (Reuters) - Telecom New Zealand on Monday said it would sell AAPT, its Australian telecommunications infrastructure unit, to Australia's TPG Telecom Limited for A$450 million ($409.43 million) as the company repays its debts.

"The sale of AAPT is consistent with ... our desire to focus principally on our New Zealand operations and on the needs of New Zealand customers," Telecom Chief Executive Simon Moutter said in a statement.

Telecom said it planned to complete the sale on Feb. 28, 2014.

($1 = 1.0991 Australian dollars) (Reporting by Naomi Tajitsu; Editing by Eric Beech)

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