WELLINGTON -(Dow Jones)- NZ Communications Ltd., currently in the process of building New Zealand's third mobile network, said Monday that it has renamed itself 2degrees and is planning its network launch in August.
The company said it has committed more than NZ$250 million ($151.3 million) to building a second-generation and third-generation network in a bid to compete with New Zealand's two other operators. A company spokeswoman said Monday that a specific launch date will be announced closer to August.
The market is dominated by Telecom Corp. of New Zealand (TEL.NZ) and Vodafone New Zealand Ltd., the local unit of U.K.-based Vodafone Group PLC (VOD). Telecom is about to launch its new third-generation XT network in a bid to increase its mobile market share to 60% from about 41%.
Shareholders in 2degrees include U.S. telecommunications investor Trilogy International Partners, Hong Kong-based General Enterprise Management, London-based Communication Venture Partners and Maori-controlled Hautaki Trust.
-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com