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Telecom Corp of New Zealand Ltd. (TEL.NZ) and Vodafone New Zealand, the local unit of U.K.-based Vodafone Group PLC (VOD) announced Friday a joint bid to participate in the government's rural broadband initiative.

The government's rural broadband initiative aims to provide fiber to 97% of rural schools and a minimum 5Mbps broadband service to 80% of rural households within six years. It will provide a NZ$300 million grant for the project, with the majority of funding coming from an industry levy. Interested companies have until Friday to submit their proposals.

If their proposal is accepted, Telecom and Vodafone will combine their resources to build new, open-access network infrastructure using a range of technologies, they said in a joint statement.

While both companies would be making additional investment in their networks, Telecom said "if the joint bid from Telecom and Vodafone is accepted, it is unlikely there will be any material changes to Telecom's Ebitda or Capex guidance."

Telecom will be responsible for building fiber to schools and hospitals, cell sites and rural exchanges and cabinets, while Vodafone will be responsible for the design and building of open-access tower infrastructure, the companies said.

-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com

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