Vodafone Wins Control Of 83% Of Crazy John's

Sydney Morning Herald

Friday September 5, 2008

Matt O'Sullivan

VODAFONE has taken control of Crazy John's after buying a 75 per cent stake in the mobile-phone retailer from the widow of its founder, John Ilhan.

The country's second-largest mobile-phone company also completed the purchase yesterday of National Australia Bank's 8.3 per cent stake in Crazy John's, and is believed to be in talks with the Smorgon family for the rest.

The purchase of Patricia Ilhan's stake is the culmination of a relationship that began in July last year, when the Melbourne-based company began reselling Vodafone mobile services, just weeks after ending an acrimonious relationship with Telstra.

Vodafone declined to reveal what it had paid Mrs Ilhan or the NAB for their stakes.

John Ilhan, 42, who built Crazy John's from one shop in Melbourne to a chain of more than 120, died last October.

Vodafone's chief executive, Russell Hewitt, said in a statement that Crazy John's would become a significant part of the carrier's business strategy.

Brendan Fleiter will remain as chief executive of Crazy John's, which will continue to trade under its brands.

Vodafone hopes to complete the deal within weeks, but has regulatory hurdles to overcome.

© 2008 Sydney Morning Herald

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