Vodafone New Zealand completed the NZD1.7 billion (USD995 million) sale of its passive mobile tower assets on 1 November after the conditions for the transaction were met, according to a brief statement from Infratil.
New Zealand-based infrastructure investment company Infratil and Vodafone NZ’s other owner, Canadian investment firm Brookfield Asset Management, announced the sale of the operator’s passive tower infrastructure business to funds managed by the global investment firms InfraRed Capital Partners and Northleaf Capital Partners in July. Each of the buyers will hold a 40% stake in the new tower company (TowerCo), while Infratil confirmed it will reinvest proceeds from the sale to take the remaining 20%.
Under the terms of the transaction, which had been subject to Overseas Investment Office approval and completion of certain reorganisation steps, the TowerCo will take possession of 1,484 mobile masts covering 98% of the country’s population. The deal includes a 20-year master services agreement with Vodafone NZ (including extension rights) providing the operator with access to both existing and new towers, and a commitment from TowerCo to build at least 390 additional sites over the next ten years.
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