2Degrees announces changes before launching in August
Posted on 15-Jul-2009 09:21
Filed under: News
New Zealand’s newest mobile entrant, 2degrees has today announced some significant changes at the company as it heads towards its market launch in August.
“We’re delighted to announce that North American telecommunications investor, Trilogy International Partners intends to increase its shareholding in 2degrees from 26 percent to 52 percent,” says Stewart Sherriff, deputy chairman of 2degrees.
Trilogy has agreed to purchase the interest currently held in 2degrees by Hong Kong based General Enterprise Management Services (GEMS) in exchange for approximately 8 percent of Trilogy equity. Fergus Wilmer (formerly representing GEMS) will remain on the board of 2degrees representing Trilogy.
“This acquisition gives Trilogy majority shareholding in 2degrees. The board and other shareholders see this as a positive development in fortifying the company to take on the incumbents and deliver on our promise to bring better value to mobile users in New Zealand,” said Stewart.
2degrees, has committed over NZ$250 million in building the third mobile phone network for New Zealanders. Company shareholders include US-based mobile communications specialists, Trilogy International Partners, as well as Hautaki Trust and Communication Venture Partners.
The second announcement by 2degrees is a change in CEO that will take effect after the company launch in August.
According to CEO, Mike Reynolds, while he has enjoyed his time heading up 2degrees and having the opportunity to play a role in bringing much needed competition to the mobile market, he has accepted an opportunity back home in America.
“I look forward to continuing to contribute to the success of 2degrees in a different capacity and I'm pleased to be handing over the leadership of the company to Eric Hertz. In true 2degrees fashion where everyone knows someone who knows some one… I’ve known Eric for many years and worked with him in the past, and I can assure you the future of 2degrees is very bright with Eric at the helm.
2degrees, has committed over $250 million in building the third mobile phone network for New Zealanders. Company shareholders include US-based mobile communications specialists, Trilogy International Partners, as well as Hautaki Trust and Communication Venture Partners. The combined shareholders bring a wealth of international experience and knowledge which will be of huge benefit to New Zealand mobile users. In the countdown to its official launch in August, 2degrees is inviting customers to pre-register their interest on our website: www.2degreesmobile.co.nz
Eric Hertz has more than 30 years of telecommunications and mobile wireless industry experience. Most recently Eric was CEO of Zumobi in Seattle Washington, having seen the company through its launch and successful product roll-out of unique mobile applications for the next generation of wireless devices and mobile networks.
Prior to Zumobi, Eric was chief operating officer of Western Wireless a successful high-growth wireless voice and data services company with presence in 20 states in the United States as well as 11 countries around the world.
Eric has also held senior leadership roles at BellSouth, McCaw Cellular and AT&T Wireless, bringing advanced mobile wireless services and products to market.
The shareholders in 2degrees are Trilogy - 52 percent, London based Communication Venture Partners (CVP) - 26 percent, Hautaki Trust - 20 percent and business associates 2 percent.