Mark Petrie, who sold his ISP to 2degrees for $28m, exits stage left
The former Snap owner departs but keeps his 2Degrees shares.
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Hawke’s Bay
2degrees chief fixed-line officer Mark Petrie is leaving the company next month.
Mr Petrie came on board when 2degrees bought his ISP, Christchurch-based Snap Internet, in 2015 (Mr Petrie having earlier gained 100% control of Snap after buying out other managers; today he told NBR he did take on debt in the process but paid it off. Snap was debt-free at the time of the 2degrees deal).
At the time of the purchase, there was a lot of speculation about the purchase price. A Companies Office filing later revealed it was $28.1 million – $9.9 million in cash and the balance in stock, which gave the southerner a 2.6% holding in 2degrees.
2degrees spokeswoman Lenska Papich tells NBR Mr Petrie will maintain his shareholding (now transferred to a stake in 2degrees' majority shareholder Trilogy International Partners, which recently listed in Toronto).
She says his time with 2degrees was not dictated by an earn-out provision; he stayed on after the purchase of his own volition, she says.
As for Mr Petrie's replacement, Ms Papich says his second-in-command in 2degrees' fixed line business, Sam Brock-Smith (also based in Christchurch) "will step into the role for the time being."
Mr Petrie himself says he likes to take on a new challenge every two to three years. He's in no hurry to line up his next one, however.
He is shortly taking delivery of a Tesla, and his only immediate plan is to drive it between Christchurch and Wanaka, where he owns a property (as a sidenote, he adds that the property has outstripped his various other investments).
POSTSCRIPT
Mark Petrie adds: "Lots of people emailed me after the article doubting a Tesla can do that distance [Christchurch to Wanaka], but a P100D should do it easily!"
After testing, the US EPA gave the Telsa Model 2, the following single-charge range ratings:
- City range: 331.1 miles (532.8 km)
- Highway range: 337.2 miles (542.6 km)
- Combined range: 335 miles (539.1 km)
The distance from Christchurch to Wanaka is 430km.
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Mark Petrie, who sold his ISP to 2degrees for $28m, exits stage left
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