Wednesday, 20 July 2022 11:42

Vodafone NZ sells tower assets for $1.5 billion

By

Telecommunications company Vodafone New Zealand will sell its tower assets for NZ$1.7 billion to infrastructure investors Northleaf Capital and InfraRed Partners.

The deal would form a new company, TowerCo. Stuff reports that TowerCo would hold 1,484 mobile towers making it the country's largest operator, covering 98% of New Zealand's population.

Vodafone NZ is jointly owned by shareholder group Infratil and Brookfield Asset Management, according to reports. As part of the transaction, Infratil will reinvest to hold 20% in the new TowerCo.

"We have unlocked a significant portion of the value of our original equity invested in Vodafone while retaining that investment and a 20% stake in TowerCo. InfraRed Capital Partners and Northleaf Capital are high-calibre investors who share our vision for what the new TowerCo can deliver across New Zealand. The transaction is a win-win for Infratil shareholders," said Infratil CEO Jason Boyes.

"This partnership will enhance site choices for wireless operators in New Zealand whilst supporting a strong return on our equity invested in Vodafone NZ three years ago," said Brookfield Asset Management managing director Udhay Mathialagan.

Each of the new buyers will hold a 40% stake in the newly-formed TowerCo.

According to Computer Daily News, the deal is subject to approval by the NZ Overseas Investment Office.

If the government agency greenlights the deal, TowerCo will enter into a 20-year service agreement with Vodafone NZ, providing access to both existing and new towers. TowerCo will also commit to building at least 390 additional sites over the next 10 years to enhance Vodafone's coverage.

The owners
InfraRed is a global investment company, managing over 220 infrastructure projects in 17 countries with US$12 billion ($17 billion) of equity under management in private and listed funds, according to its website.

It has offices in London, New York, Sydney, and Seoul.

Northleaf Capital is a global private market investment firm headquartered in Canada with offices in North America, London, and Melbourne. It manages US$20 billion ($29 billion) worth of public and private infrastructure commitments, pension plans, endowments, foundations, and offices.

This first appeared in the subscription newsletter CommsWire on 19 July 2022.

Read 626 times

Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

GET READY FOR XCONF AUSTRALIA 2022

Thoughtworks presents XConf Australia, back in-person in three cities, bringing together people who care deeply about software and its impact on the world.

In its fifth year, XConf is our annual technology event created by technologists for technologists.

Participate in a robust agenda of talks as local thought leaders and Thoughtworks technologists share first-hand experiences and exchange new ways to empower teams, deliver quality software and drive innovation for responsible tech.

Explore how at Thoughtworks, we are making tech better, together.

Tickets are now available and all proceeds will be donated to Indigitek, a not-for-profit organisation that aims to create technology employment pathways for First Nations Peoples.


Click the button below to register and get your ticket for the Melbourne, Sydney or Brisbane event

GET YOUR TICKET!

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinars and campaigns and assistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

BACK TO HOME PAGE
Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

Share News tips for the iTWire Journalists? Your tip will be anonymous