AUCKLAND: Spark New Zealand has finalized the sale of its remaining 17% stake in Connexa, New Zealand’s leading mobile tower infrastructure business, to global investment group CDPQ for approximately $311 million. The transaction, which was contingent on regulatory approvals, has now been completed.
The deal values Connexa consistently with previous New Zealand mobile tower EBITDAI multiples, and Spark anticipates recognizing a gain on sale of around $69 million in reported EBITDAI.
Connexa’s majority owner, Ontario Teachers’ Pension Plan, has also sold 33% of its shareholding to CDPQ. Following the transaction, Ontario Teachers’ and CDPQ will each hold a 50% co-controlling interest in Connexa.
Jolie Hodson, Spark CEO, expressed pride in the business built in Connexa and highlighted the significant value created alongside Ontario Teachers’. Hodson welcomed CDPQ’s investment and emphasized the importance of the partnership in keeping New Zealand connected.
Spark continues to focus on the development of its mobile network, including capacity investments and maintaining ownership of key network components such as radio equipment and spectrum.