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FlexiGroup : buys Kiwi IT leasing leader

03/04/2015 | 10:01am US/Eastern

Australian finance group FlexiGroup will become New Zealand's biggest IT leasing company, after snapping up Telecom Rentals.

FlexiGroup will consolidate its presence in the New Zealand market after buying Telecom Rentals from Spark New Zealand for $NZ106 million ($A102.34 million).

Chief executive Tarek Robbiati said Flexigroup was buying New Zealand's largest IT and telecommunications leasing company.

We have here in this transaction the combination of the number one and number two players in the market, he said.

This acquisition consolidates our distribution footprint in New Zealand, making it by far the largest leasing technology provider in the country.

Telecom Rentals was set up in 2006 as a subsidiary of Spark New Zealand and leases IT and telecommunications equipment to 1,350 commercial and government clients.

It has leased laptops to New Zealand schools since 2012.

The group will be absorbed into FlexiGroup's New Zealand Leasing division.

FlexiGroup's transaction includes the net tangible assets of $NZ92 million ($A88.82 million) and goodwill worth $NZ14.5 million ($A14 million).

Spark New Zealand, which was previously known as Telecom Corporation, continues to own New Zealand's telephone infrastructure.

In February, FlexiGroup said it had no plans to buy GE Money's Australia and New Zealand consumer lending business.

IG markets strategist Evan Lucas said Telecom Rentals had good underlying earnings potential.

It looks like a very neat deal, he said.

FlexiGroup shares added 15.5 cents, or 4.4 per cent, to $3.655 by 1157 AEDT.

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(c) 2015 The Jerusalem Post Provided by SyndiGate Media Inc. (Syndigate.info).

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