­Vodafone New Zealand has completed its previously announced acquisition of TelstraClear for a cash consideration of NZ$840 million (US$860 million).

Under the terms of the deal, Vodafone acquired TelstraClear's voice and data based services, network infrastructure and New Zealand customer-base.

The transaction, which was announced on 12 July 2012, received final regulatory approval on 30 October 2012 and completed on 31 October 2012.

As part of the transaction, Telstra has entered into an agreement with Vodafone New Zealand to ensure service continuity in New Zealand for its trans-Tasman customers.

TelstraClear has a small mobile service, operating as an MVNO over the Vodafone network, but does hold a block of valuable radio spectrum that will boost Vodafone's own holdings.