Connexa and Ontario Teachers’ Pension Plan (Ontario Teachers) have reached an agreement with 2degrees Mobile (2degrees) to acquire its passive mobile telecommunications tower assets for NZ$1,076 million (US$686 million).

2degrees is an entity owned by managed funds of Macquarie Asset Management and Aware Super, which currently owns and operates approximately 1,124 mobile towers located across Aotearoa in New Zealand. The deal involves the entering of 2degrees into a 20 year-agreement with Connexa to secure access to existing and new towers, with an additional tower build and co-location commitment of 450 sites over the next 10 years. After the purchase, Ontario Teachers’ shareholding will increase to approximately 83% and Spark’s shareholding will reduce to approximately 17%. 

Overseas Investment Office (OIO) and Commerce Commission should confirm the completion of the transaction that will probably occur in 2023.