Spark New Zealand Sells Remaining Stake in Connexa to CDPQ

Spark New Zealand Limited ( (AU:SPK) ) has provided an announcement.

Spark New Zealand has completed the sale of its remaining 17% stake in Connexa, a leading mobile tower infrastructure business in New Zealand, to global investment group CDPQ for approximately $311 million. This transaction, which required regulatory approval, allows Spark to recognize a gain of around $69 million in reported EBITDAI. The sale reflects the value created by Spark and its partner, Ontario Teachers’ Pension Plan, in developing Connexa. Following the transaction, CDPQ and Ontario Teachers’ each hold a 50% co-controlling interest in Connexa. Spark will continue to be a key customer of Connexa, maintaining control over its mobile network development and ownership of network ‘smarts’ such as radio equipment and spectrum.

More about Spark New Zealand Limited

Spark New Zealand Limited is the largest telecommunications and digital services company in New Zealand, providing mobile, broadband, and digital services to millions of New Zealanders and thousands of businesses. Its purpose is to help New Zealand thrive in a digital world.

YTD Price Performance: -23.79%

Average Trading Volume: 2,221,774

Technical Sentiment Consensus Rating: Buy

Current Market Cap: A$3.76B

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