– New Zealand’s infrastructure funding firm Infratil Ltd mentioned on Monday Vodafone New Zealand would promote its passive cellular tower belongings for NZ$1.7 billion ($1.05 billion) to funds managed by two world funding corporations.
The sale follows a flurry of divestments by telecom corporations as they reduce debt and give attention to their lively cellular belongings. Final week, Spark New Zealand introduced the sale of a 70% stake in its towers enterprise for NZ$900 million.
Vodafone NZ, of which Infratil owns about 49.95%, will promote 1,484 cellular towers to funds managed by London-based InfraRed Capital Companions and Toronto-based Northleaf Capital Companions.
Every of the patrons will maintain 40% of the brand new towers entity, TowerCo, whereas Infratil will reinvest proceeds from the sale to accumulate a 20% stake.
TowerCo will enter a 20-year take care of Vodafone NZ for entry to present and new towers. TowerCo will construct a minimum of 390 further websites over the following decade, Infratil mentioned in a press release. (https://bit.ly/3RKklbB)
The sale is anticipated to shut within the fourth quarter, topic to approval from Canada’s Abroad Funding Workplace.
Canada’s Brookfield Asset Administration holds a 49.95% stake in Vodafone NZ. (https://bit.ly/3P8VAEp)
($1 = 1.6242 New Zealand dollars)
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