Being reported on the news now: $445m Hawaiki internet cable sold to Singapore's BW Group.

 

The only intercontinental internet cable connecting the country that is majority New Zealand-owned is being sold to a Singaporean shipping and infrastructure giant.

 

Subject to regulatory approvals, Auckland firm Hawaiki Cable will be acquired by a subsidiary of BW Group, which controls 400 ships and also has interests in oil and gas infrastructure and renewable electricity generation.

 

Hawaiki Cable broke the near monopoly that the Southern Cross Cable Network joint venture previously held on New Zealand’s international connectivity when it completed its $445 million cable connecting New Zealand with Sydney and Oregon in the United States in 2018.

 

Spark has only a minority 38 per cent shareholding in Southern Cross, which is based in Bermuda and is also partly-owned by Australia’s Telstra, Singapore’s company Verizon and US telco Verizon.