New Zealand mobile operator 2degrees has secured $165 million from the Bank of New Zealand and a partnership with Huawei to deploy a 4G network early next year, the telco announced.
“We have laid the foundation for a sustainable, profitable business and now have the funding to invest in further network expansion across New Zealand,” said 2degrees acting CEO Stewart Sherriff.
The credit facility from BNZ gives 2degrees a fully funded business plan, the mobile operator said.
“2degrees has made a great start, proving there is room for a third mobile operator,” said BNZ head of institutional banking, Paul Blair. “Having reviewed their future plans we see a growing business that we want to be a part of.”
Chinese manufacturer Huawei also provided the network technology for 2degrees 2G and 3G networks.
“They’ve always had an eye to the future and have helped us prepare for a fast transition to 4G, which is key to maintaining our value leadership position,” Sheriff said.
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