TLSYY Telstra Corporation Limited (PK)

   By Rebecca Howard 
 

WELLINGTON--Vodafone New Zealand Ltd., a unit of Vodafone Group (VOD), said Tuesday that it has been granted all regulatory approvals required for its 840 million New Zealand dollar (US$688 million) acquisition of TelstraClear Ltd., a unit of Telstra Corp. (TLS.AU).

The acquisition, announced in July, has been approved by the Commerce Commission and the Overseas Investment Office. Vodafone expects to complete the transaction on Oct. 31.

Vodafone New Zealand is the largest mobile operator in New Zealand with more than 2.4 million customers. TelstraClear is one of New Zealand's largest full-service communications companies.

Write to Rebecca Howard at rebecca.howard@wsj.com

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