Vodafone NZ takes full ownership of its retail store chain

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Vodafone NZ takes full ownership of its retail store chain
Ajay Sharma and Jason Paris.

Some 400 staff will get new employment contracts soon, as the Brookfield Asset Management and Infratil owned telco's head office becomes the full owner of the chain of 52 Vodafone retail stores.

This comes after Vodafone New Zealand announced that it has bought the remaining half share of its joint venture with Millennium Corporation to operate the stores, for an undisclosed sum.

The retailing joint venture between the telco and the private equity group goes back 25 years to 1997.

Vodafone NZ chief executive Jason Paris said the full ownership of the retail store chain is a step in the telco's evolution of its broader customer care strategy.

The new ventures director of Millennium Corp, Ajay Sharma, said the joint venture hsa delivered significant value to both organisations.

Millennium Corp is a private equity firm headed up by director and chief executive Justin Lobb.

The company's chairman of the board is the former chief executive of Vodafone Australia, now merged with telco TPG, Russell Hewitt.

Hewitt also managed retailer First Mobile which Vodafone bought in 2010

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© CRN New Zealand

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