Telecom New Zealand, a New Zealand-based telephone Company and internet service provider sealed the transaction of its retail business in the subsidiary, AAPT, the Australian operation and broadband Company. Telecom New Zealand’s shares went for iiNet Limited, Australia’s internet provider, in a $75 million deal, which is planned to enhance the former’s financial position in the market and to increase the latter’s broadband and phone customers.

Yesterday, it was seen that the internet service provider iiNet announced its partnership with FetchTV. iiNet said that it would provide subscribers with unmetered free to air and a subscription TV at the monthly rent of $30.

iiNet is the Australia's third largest company and it deals with Malaysia based FetchTV to offer users with pay per HD movie plan. Customers can also pay per channel like Discovery, National Geographic, MTV and Fox International.

Melbourne-based ISP, Netspace, reveals that it was not actively seeking an acquisition offer, however, has announced its confirmed negotiations with iiNet.

Media speculation was widespread that a $75 million acquisition was on the cards. iiNet called a trading halt , posting a statement confirming it was in talks with Netspace, along with several others.