Spark finalizes Connexa sale for $311m

Spark New Zealand (NZX:SPK) announced it has finalized the sale of its remaining stake (~17%) in Connexa, New Zealand's leading mobile tower infrastructure business, to global investment group CDPQ for approximately $311 million. The transaction, previously announced in December and subject to regulatory approvals, values Connexa consistently with previous New Zealand mobile tower EBITDAI multiples. Spark anticipates recognizing a gain on sale of roughly $69 million in its reported EBITDAI. Simultaneously, Ontario Teachers' Pension Plan ("Ontario Teachers'"), Connexa's majority owner, also sold 33% of its shareholding to CDPQ, resulting in a 50% co-controlling interest for both Ontario Teachers' and CDPQ. Spark CEO Jolie Hodson expressed pride in the value created within Connexa and welcomed CDPQ's investment, emphasizing the continuation of a long-term partnership.