The Auckland based company which installed, owns and operates the Hawaiki trans-continental internet cable has been bought by a Singapore company.
The Hawaiki cable. Photo: RNZ / Jesse Chiang
BW Group's subsidiary BW Digital bought the business for an undisclosed sum, with plans to further develop Hawaiki while keeping the current management team in place.
BW Group executive chair Andreas Sohmen-Pao said the investment fitted with the company's maritime connectivity and infrastructure strategy.
"Our strategy is to help connect countries across the oceans while working to reduce our environmental impact, including recent investments into wind installation vessels, floating wind, batteries, solar and other sustainable technologies," he said.
The BW Group controls 400 ships and also has interests in oil and gas infrastructure and renewable electricity generation.
Hawaiki Cable joins the west coast of the US with Hawaii, American Samoa, New Zealand and Australia.
The $445 million cable started carrying internet traffic in 2018 and offered an alternative to the Southern Cross cable , which was part owned by local telecommunications company, Spark.
In a written statement Hawaiki said the change of ownership would not affect its day-to-day operations, but would enable it to develop new projects and continue to grow.
"Considering connectivity has become an essential part of our professional and personal life, this development is a good news for New Zealand business as they will benefit from high performing, cost-effective and future-proof capacity solutions."
"In other words, a better, cheaper Internet for all."
The company said the transaction was subject only to regulatory approval.