Telecom New Zealand has confirmed it has acquired a 9.9 per cent stake in AAPT.
The shares were acquired at $5.70 on Monday by Macquarie Equities.
Larry Williams, chief executive officer of AAPT, yesterday welcomed the investment.
"In becoming a major shareholder, Telecom New Zealand recognises the value of AAPT's customer base, infrastructure, and technology.
"Its investment at $5.70 a share vindicates the view of the AAPT board that Cable & Wireless Optus' proposed takeover offer of $5 a share is inadequate and undervalues the company," he said.
Whilst Williams refused to comment further on the investment, a AAPT spokesperson said the telco is in discussions with at least two other carriers regarding possible further investment.
AAPT officials also said court proceedings currently underway between AAPT and C & W Optus will continue today, with a resolution expected sometime Thursday.