Vodafone New Zealand is set to purchase 70 percent of the rural broadband and satellite section ‘Farmside’ of operator TeamTalk for NZ$10 million ($7 million). The acquisition is subject to approval by shareholders. Vodafone NZ has the option to purchase the remaining 30 percent for NZ$3 million within the next three years. TeamTalk, established in 1994, is New Zealand’s leading mobile radio company, with its main focus on digital trunking communication services. New Zealand telecom operator Spark announced plans to…
Indian telco Bharti Airtel has sold 10 percent of its tower unit Infratel $952 million to a consortium of investors in a bid to reduce its debt pile. The investors are led by private equity firm KKR and the Canada Pension Plan Investment Board. There were rumors circulating that the buyers wanted to acquire a “significant” stake in Infratel during October 2016 after Airtel’s board went forward with plans to sell off a proportion of the unit. New reports emerged…
British telecoms giant BT has been fined 42 million pounds ($53 million) by the regulator Ofcom for failing to deliver on contracts with telecoms providers and also failing to pay the required level of compensation for delays in Ethernet installations. The error is estimated to cost the company around 300 million pounds in compensation, according to reports. BT was supposed to pay compensation for delays outside its contracted Ethernet installation time of 30 working days, according to Ofcom’s regulations. There…
Reports indicate that Amazon is renewing talks to purchase UAE e-commerce site Souq.com for as much as $650 million after discussions stalled in January due to a disagreement over the price. Other firms that sought to purchase Souq.com included mall operator Majid Al Futtain. Souq.com accounts for about 78 percent of e-commerce in the Middle East and North Africa, which means all of its coverage, will soon be a part of Amazon’s portfolio. According to Reuters, Amazon had agreed to…

Home-sharing startup Airbnb now valued at $31 billion

Written on Tuesday, 14 March 2017 06:54
Home-sharing startup Airbnb founded in 2008 raised over a billion dollars in a fresh funding round that valued the company at $31 billion. According to a filing with the US Securities and Exchange Commission, Airbnb added $448 million to the $555 million in funding it took last year. Airbnb became profitable at during the second half of 2016 before accounting interest, tax, depreciation and amortization, a source explained to AFP. The new funding valued the company at $31 billion, and…
US computer chip giant Intel announced on March 13 its plans to purchase Israeli technology firm Mobileye for over $15 billion. The deal is the largest ever cross-border acquisition for an Israeli technology firm, according to Israeli media. The two firms have already collaborated with German automaker BMW to develop autonomous vehicles. "The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous…
ZTE has suffered fresh woe just hours after it disclosed details of its settlement with the US government in which it was found guilty of breaching US export control rules in North Korea and Iran from 2010 - 2016. The Chinese vendor released its forecasted loss for 2016 - and it makes grim reading for stakeholders - ZTE have forecast a loss of $343m for 2016. The latest financial announcement comes hot on the heels of US Justice, Commerce and…
South African telecoms giant MTN reported its first loss recently blaming the huge fine it was given in Nigeria and also currency challenges in key markets. In a statement the company said, "MTN Group's financial results for 2016 reflect the most challenging year in the company's 22-year history." The Johannesburg-based telco reported profits of 20.2 billion rand ($1.6 billion) before tax. MTN's performance was greatly affected by lower than expected growth in South Africa and Nigeria, as well as the…
Instant messaging application Snapchat's parent company Snap Inc. debuted on the New York Stock Exchange on March 2, and it surged more than 40 percent from the level set in the initial offering the night before. The company soared as its IPO raised $3.2 billion with a price of $17 a share. Snap Inc. was up about 45.4 percent to $24.72 near 16:30 GMT, shortly after logging its first trades. It was the largest public offering of a US tech…
China’s No.1 mobile wallet app, Ant Financial, which is an affiliate of Alibaba Group, has made its move to penetrate the South Korean payment platform market with a $200m investment. However, it’s just the latest in a number of significant overseas investments the Chinese company has made in recent months. Earlier this week it was announced that Ant Financial had agreed a deal to take a stake in a fin-tech company in the Philippines – the details of the deal…
Spanish telecoms giant Telefónica confirmed it will be selling up to 40 percent of its infrastructure unit Telxius to US investment fund KKR for 1.27 billion euros ($1.35 billion). The company, which is burdened by heavy debt, failed last September to float the unit after not being able to attract enough demand for the share sale. Telefónica said it will keep a majority stake and operational control of Telxius, which operates telecommunications towers and subsea fiber optic cables, and would…
Following the shocking announcement made by Yahoo last year that 1.5 billion of its users accounts were hacked on two separate occasions, Yahoo has slashed the price of its core internet business in the sale to US telecom giant Verizon by $350 million. Under the revised terms of the delayed deal, Verizon will now purchase Yahoo’s assets for $4.48 billion. Yahoo is still in the midst of lawsuits related to the large cyber attacks against its users, which affected more…
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