Spark announces sale of remaining shares in Connexa

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand




MARKET RELEASE - THURSDAY, 12 DECEMBER 2024
EMBARGOED UNTIL [DATE] [delete this row if not required]
Spark announces sale of remaining shares in
Connexa

Spark New Zealand today announced the sale of its remaining stake (~17%) in mobile towers
business Connexa

to global investment group CDPQ for $314 million.

The transaction values Connexa on a consistent basis with previous New Zealand mobile tower
EBITDAI multiples. Spark expects to recognise a gain on sale of around $70 million in reported
EBITDAI on completion of the sale of its remaining stake.

As part of the agreement Connexa’s majority owner, Ontario Teachers' Pension Plan ("Ontario
Teachers'") will also sell 33% of its shareholding to CDPQ. On completion of the transaction
Ontario Teachers’ and CDPQ will each hold a 50% co-controlling interest in Connexa.

The transaction is subject to Overseas Investment Office approval and any necessary foreign
regulatory filings required. Completion is anticipated to occur in the third quarter of FY25, at
which stage Spark’s two appointed directors will resign from the Connexa board.

Under the terms of the deal, Spark will remain a key customer of Connexa. Spark will continue to
determine how its mobile network is developed, including where and when capacity investments
occur, with Connexa then designing and deploying these build programmes. Spark will also
continue to own all the 'smarts' of the network – such as radio equipment and spectrum.

Spark New Zealand CEO, Jolie Hodson said: "In October we announced a review of our non-
core assets and our intention to divest our remaining shareholding in mobile towers business
Connexa to further strengthen our balance sheet.

“The sale to CDPQ, a high-calibre global investment group, reflects the high quality of this asset
and will ensure, alongside existing owner Ontario Teachers’, Connexa remains well positioned to
deliver its services to customers, including Spark.”

Connexa CEO, Rob Berrill, said, “We want to acknowledge the considerable support Spark and
Ontario Teachers’ have provided as Connexa was established and rapidly scaled to become
New Zealand’s leading mobile tower infrastructure company. We look forward to continuing to
work with Ontario Teachers’ and CDPQ as we execute our business strategy, and with Spark, as
a key customer and supplier, in delivering enhanced connectivity for all Aotearoa.”

ENDS


Authorised by:
Stefan Knight
Finance Director


For more information contact
For media queries please contact:
Althea Lovell
Corporate Relations Lead Partner
(64) 21 222 2992
althea.lovell@spark.co.nz
For investor queries please contact:
Stefan Knight
Finance Director
(64) 27 252 9438
stefan.knight@spark.co.nz

Spark New Zealand Limited
ARBN 050 611 277 Spark City, Level 1, 50 Albert Street, Private Bag 92028, Auckland, New Zealand



About Spark
As New Zealand's largest telecommunications and digital services company, Spark’s purpose is
to help all of New Zealand win big in a digital world. Spark provides mobile, broadband, and
digital services to millions of New Zealanders and thousands of New Zealand businesses.
www.sparknz.co.nz


About Ontario Teachers’ Pension Plan
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets
of CAD $255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array
of assets including public and private equities, fixed income, credit, commodities, natural
resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000
working members and pensioners. Our more than 450 investment professionals operate in key
financial centres around the world and bring deep expertise in a broad range of sectors and
industries. We are a fully funded defined benefit pension plan and have earned an annual total-
fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just
invest to make a return, we invest to shape a better future for the teachers we serve, the
businesses we back, and the world we live in. For more information, visit otpp.com and follow us
on LinkedIn. 


About CDPQ
CDPQ invests constructively to generate sustainable returns over the long term. As a global
investment group managing funds for public pension and insurance plans, CDPQ works
alongside its partners to build enterprises that drive performance and progress. They are active
in the major financial markets, private equity, infrastructure, real estate and private debt. As at
June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information visit cdpq.com,
consult their LinkedIn or Instagram pages, or follow them on X.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and
licensed for use by its subsidiaries.


About Connexa:
Connexa is Aotearoa New Zealand’s largest specialist mobile tower infrastructure company,
operating a nationwide portfolio of more than 2,400 mobile sites. Connexa has an ambitious
committed mobile tower build programme to meet New Zealand’s growing demand for wireless
digital connectivity. For more information, visit connexa.co.nz or follow us on LinkedIn.