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Telecom: Gen-i rumours "completely false"

Telecom have strongly denied that Gen-i has offered up to 2,000 staff severance packages, branding the rumours "completely false."

Following claims last week of the proposals, the telco has hit back.

Refuting claims Gen-i have offered a ‘take it or leave it’ style proposal for employees, Telecom says the means of funding the purchase of Revera was "clearly outlined in yesterday's release to the press."

In that release the telco announced it has signed a conditional agreement to acquire Revera for $96.5 million.

The telco said the acquisition will add considerable momentum to the long-term growth strategies of both Telecom and Revera.

The transaction involves Telecom acquiring 100% of the ordinary shares of Revera ($96.5m), funded by cash and Telecom’s existing borrowing facilities.

The transaction is expected to settle in May.


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