Global investment firm Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP) have announced the acquisition of a co-controlling shareholding in Connexa, New Zealand’s largest telecom tower operator.
CDPQ is acquiring a 33% stake in the towerco from OTPP as well as Spark New Zealand’s entire 17% stake for NZ 909mn, leaving CDPQ and OTPP holding a 50% stake each. Completion is anticipated to occur in the second half of 2025.
While Spark New Zealand will exit its ownership position, it will remain a key partner and customer, working with Connexa to address New Zealand’s growing demand for advanced wireless connectivity. The transition reflects Spark’s strategic shift while maintaining its operational ties with Connexa.
CDPQ’s entry into Connexa marks its first infrastructure investment in New Zealand and the third in mobile networks globally over the past five years. Emmanuel Jaclot, Executive Vice President at CDPQ, emphasised Connexa’s role in enabling advanced wireless connectivity aligns with CDPQ’s strategic priorities, commenting that “Together, we will bring international sector expertise and long-term capital to support Connexa in delivering its growth strategy.”
Jan Brand, Managing Director of Infrastructure, Asia-Pacific at OTPP, highlighted the synergies between the two investment groups, emphasizing their mutual commitment to supporting Connexa’s growth strategy and operational excellence
July 2022 saw a dramatic shift in New Zealand’s tower industry, with Connexa (then TowerCo), a carve-out of Spark New Zealand, sold to OTPP for US$900mn for a 70% controlling stake.
Spark used this fresh capital to redeploy into its expanding data centre portfolio, retaining around 250 strategic sites. Connexa has been steadily increasing its site count due to the 670 build-to-suit commitment with Spark.
The acquisition was OTPP’s first major investment in telecom towers, although the first has significant experience in infrastructure assets.
The deal is subject to regulatory approval, with completion expected in the second half of 2025. This milestone reinforces Connexa’s position as a leading enabler of telecommunications infrastructure, providing critical support for the country’s expanding digital needs
