The buyer will be buying the goodwill of the NZ business. Whether this is wrapped up in the Vocus brands such as Slingshot, Orcon etc, or in its customers, its contracts, its management and expertise... buyer will be getting this.
I have no idea what they will do about use of the Vocus name in NZ (do they use that for the E&W?) I assume there will be some non-compete arrangement, and some time period in which the buyer must stop using the Vocus name. But the sale will presumably attempt as much as possible to transfer the goodwill in the Vocus name (to the extent it relates to NZ) to the buyer.
Yes, this might mean a very slight discount to where the buyer gets to buy all of Vocus including all rights to use the brand, but it is hard to see how that is material given the numbers we are talking about.
You were also talking about 5x Profit before, as opposed to 5x EBITDA. This would produce completely different valuations, which did you actually mean?
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