My Net Fone, an ASX-listed provider of hosted voice and data communications services, has agreed to buy Spark New Zealand's international voice business for $22.4 million.
The company said in a statement to the ASX that the business will add A$90 million to A$100 million in annual revenue from wholesale voice trading and generate pretax earnings of about A$3.5 million in its first year, before potential synergies and savings.
It expects to complete the purchase by the end of April, apart from the US assets, which require government approvals.
Spark will retain its international data business.
The sale was part of Spark's strategy to focus primarily on its New Zealand operations.