DRAWING. Vodafone New Zealand will sell its passive cell tower assets for NZ$1.7 billion, or US$1.05 billion. REUTERS/Andrea Comas/File Photo GLOBAL BUSINESS WEEK AVENIR – SEARCH GLOBAL BUSINESS MAY 15 FOR ALL IMAGES
Journalist: Adrianus Octaviano | Editor: Handoyo.
KONTAN.CO.ID – WELLINGTON. New Zealand infrastructure investment firm Infratil Ltd said Vodafone New Zealand would sell its passive cell tower assets for NZ$1.7 billion, or US$1.05 billion, to a managed fund. by two global investment firms.
For information, Infratil holds around 49.95% of the capital of Vodafone NZ. Brookfield Asset Management Canada holds another 49.95% stake in Vodafone NZ.
Citing Reuters (18/7), Vodafone NZ will sell 1,484 cell towers to a fund managed by London-based InfraRed Capital Partners and Toronto-based Northleaf Capital Partners.
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Each buyer will own 40% of the new tower entity, TowerCo, while Infratil will reinvest the sale proceeds to acquire a 20% stake.
TowerCo will enter into a 20-year contract with Vodafone NZ for access to existing and new towers. TowerCo will build at least 390 additional sites over the next decade, Infratil said in a statement.
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The sale is expected to close in the fourth quarter, subject to approval by the Canadian Overseas Investment Office.
The sale follows a series of divestments by several telecom operators as they reduce debt and focus on their active mobile assets. Last week, Spark New Zealand announced the sale of a 70% stake in its tower business for NZ$900 million.
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