Spark New Zealand has entered into an agreement to sell 70 per cent of its TowerCo business, now known as Connexa, to the Ontario Teachers’ Pension Plan Board for NZ$900 million (AU$817 million). The sale was completed in October 2022.
The business consists of approximately 1,263 passive mobile tower asset sites.
The sale also includes a 15-year agreement with rights of renewal between Spark New Zealand and TowerCo to secure access to existing and new towers, including a commitment to build 670 sites over 10 years.
In late 2022, the company changed the name from TowerCo to Connexa.
Key Dates
| Jul 2022 | Project Announcement |
| Oct 2022 | Financial Close |
Procurement
| Procuring Agency: | Spark New Zealand |
| Successful Tenderer: | Ontario Teachers’ Pension Plan Board |
PROJECT HISTORY
| Jul 2022 | Spark New Zealand announced it entered into an agreement to sell 70 per cent of its TowerCo business to the Ontario Teachers’ Pension Plan Board for NZ$900 million (AU$817 million). |
| Oct 2022 | Spark completed the sale of a 70% interest in its TowerCo business to Ontario Teachers Pension Plan Board. This transaction was completed following approval from the NZ Overseas Investment Office. |
| Nov 2022 | Following the completion of the sale, the company began operating independently from Spark NZ and underwent a name change to 'Connexa'. |
Estimated Total Cost
(2022)
Sector
Telecom
Procurement approach
Brownfield transaction |
Location
New Zealand |
Resources
