Telecom is selling the consumer division of AAPT to internet service provider iiNet for $A60 million and it is selling an 18.2% stake in iiNet for $A70 million.
On Thursday, it said it was selling its 10.1% stake in Macquarie Telecom for $A9.9 million.
The deals were leaked to Australian media. Telecom shares resumed trading after the announcement yesterday.
Forsyth Barr broker Suzanne Kinnaird said the consumer division was viewed as the most difficult part of AAPT to sell and the sale was a positive outcome for Telecom.
The price achieved was slightly above Forsyth Barr estimates.
"While the remainder of AAPT - physical assets and wholesale customer base - is useful for servicing of transtasman clients, it's not essential. We believe Telecom is likely to still be interested in selling the rest at the right price."
The announcement was a small positive, but not a negative for Telecom, in terms of Forsyth Barr's valuation or recommendation, Ms Kinnaird said.
Investors had been hoping the company would sell all of its AAPT business in a $A300 million plus deal.
"It has been a disaster of investment for Telecom and a lot of shareholder wealth has been destroyed," Grant Williamson, director of Hamilton, Hindin, Greene, said yesterday.
Telecom said AAPT would now focus all its efforts on leveraging its network infrastructure to deliver superior voice, data and internet solutions to the wholesale and business market.
The sale of its consumer division would have a negative impact on AAPT's 2011 earnings before interest, tax, depreciation and amortisation of about $A10 million.
Telecom chief executive Paul Reynolds said the transactions rationalised the company's non-core assets and repositioned AAPT's business to a network-centric wholesale and corporate business that was well positioned for growth.
Australian media was speculating Telecom could sell the remaining AAPT business into the country's national broadband network at a later date.
AAPT is estimated to have cost Telecom NZ shareholders more than $2 billion.
Telecom shares rose 1c to $2 when they resumed trading.
