April 28, 2013 / 10:00 PM / 5 years ago

NZ's Telecom to acquire Revera Ltd

WELLINGTON (Reuters) - New Zealand’s Telecom Ltd TEL.NZ said on Monday it would acquire privately-owned local IT infrastructure and data center company Revera Limited for NZ$96.5 million ($81.8 million).

Telecom said the acquisition would strengthen its ability to provide IT services to businesses, particularly cloud and data centre services.

It said the deal would be funded from current cash and borrowing facilities. Revera had revenues of around NZ$50 million and earnings before interest, tax, depreciation and amortisation of NZ$13 million, which was expected to grow by about 15 percent in the next 12 months.

Shares in Telecom closed at NZ$2.565 on Friday.

Gyles Beckford

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