One of the leading names in the Australian telecom industry, M2 has recently bagged the New Zealand based operator Black+White in order to boost its presence in the NZ market.

According to the terms of the deal, all the assets of Black+White will be owned by M2's NZ subsidiary wherein the founder of Black+White, Johnathan Eele will continue to head to business operations. It is to be mentioned here that the deal will see the shares of M2 NZ split into two parts.

While 70% of the company will be owned by M2, the rest 30% will go with Eele, who is the sole shareholder for Black+White. It may be noted here that neither the company owns any of the telecom infrastructure as it has wholesale access to mobile and fixed-line networks in the country.

For the year ended June, M2 filed a net profit of close to of A$16.6 million ($21.45 million). In fact, Eele, who was a former Telecom executive before starting Black+ White in 2008, mentioned that the deal will boost the sales channel of both the companies.