New Zealand's telecom ministry has approved Telecom NZ's (ASX:HVN) modified pledge to provide open access to the nation's public-private broadband networks.
Communications Minister Stephen Joyce has agreed to the terms of the deeds of undertaking submitted by Telecom NZ, as well as the government's other broadband partners.
The deeds cover the Ultrafast Broadband project to roll out a fibre network to 75 per cent of the New Zealand population, and involve pledges from each of the project participants — Telecom NZ, Enable Networks, WEL Networks and Northpower.
They also include the concurrent Rural Broadband Initiative to use a blend of wireless and fixed networks to improve speeds most of the remaining 25 per cent, to be conducted by Telecom NZ and Vodafone NZ.
Joyce has also approved the proposed access policy to be followed by Chorus, Telecom NZ's networks arm, following its demerger from the parent and establishment as a standalone wholesale provider.
He had previously rejected Telecom NZ's draft deed, but Telecom NZ submitted a modified proposal last month based on his input.
Vodafone NZ had also been required to modify its initial RBI deed.
Announcing the move, Joyce said the deeds will “encourage a competitive marketplace for faster broadband services,” and help ensure the development of an open network access environment.
TEL shares grew 1.54 per cent on Tuesday to $1.975.