Spark New Zealand Limited (AU:SPK) has released an update.
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Spark New Zealand has sold its remaining 17% stake in Connexa, a mobile towers business, to global investment group CDPQ for $314 million, resulting in a $70 million profit in EBITDAI. This transaction, which leaves Ontario Teachers’ Pension Plan and CDPQ with equal ownership of Connexa, aligns with Spark’s strategy to strengthen its financial position while maintaining its role as a key customer. The completion of this deal is expected in the third quarter of fiscal year 2025, pending regulatory approvals.
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