Spark completes 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 - FRIDAY, 28 FEBRUARY 2025


Spark completes sale of remaining shares in
Connexa

Following its announcement in December, Spark New Zealand today confirmed that it has
completed the sale of its remaining stake (~17%) in Connexa, New Zealand’s leading mobile
tower infrastructure business,

to global investment group CDPQ for ~$311 million
1
.

The transaction was conditional on regulatory approvals which have now been received.

The transaction values Connexa on a consistent basis with previous New Zealand mobile tower
EBITDAI multiples, and Spark expects to recognise a gain on sale of ~$69 million in reported
EBITDAI.

As previously announced, Connexa’s majority owner, Ontario Teachers' Pension Plan ("Ontario
Teachers'") has also sold 33% of its shareholding to CDPQ, with Ontario Teachers’ and CDPQ
each holding a 50% co-controlling interest in Connexa following completion of the transaction.

Jolie Hodson, Spark CEO, says, “Spark is very proud of the business we have built in Connexa,
and the transaction reflects the significant value that has been created alongside Ontario
Teachers’ as a partner and steward of the Connexa business.

“We welcome CDPQ’s investment and look forward to continuing our long-term partnership as a
key Connexa customer, as we work together to keep New Zealand connected.”

Spark continues to determine how its mobile network is developed, including where and when
capacity investments occur. Spark also continues to own all the 'smarts' of the network – such as
radio equipment and spectrum.

ENDS


Authorised by:
Rodney Deacon
Finance Lead Partner – Investor Relations and Commercial


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:
Rodney Deacon
Finance Lead Partner – Investor Relations and Commercial
(64) 21 631 074
rodney.deacon@spark.co.nz





1
Final sale price subject to an adjustment based on movements in working capital and capital expenditure'

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 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.