New Zealand’s second-largest telco will be wholly owned by investment group Infratil, after it agreed to buy out partner Brookfield.

Infratil will pay A$1.68 billion to take its 49.95 per cent stake in One NZ, formerly Vodafone New Zealand, to 99.9 per cent.

The two investment companies teamed up in 2019 to buy the company from Vodafone, paying A$3.1 billion at the time.

By controlling the telco, Infratil will have access to One NZ’s cash to support its wider investment plans, the company said.

“Further investment in One NZ is strategically and financially compelling for Infratil and our shareholders,” said CEO Jason Boyes.

“One NZ has had strong momentum following the recent rebrand and other business transformation initiatives that are ongoing, with further upside to be realised.”

One NZ has 2.7 million connected customers, and is second in the market behind Spark New Zealand.