New Zealand-based telco Spark is considering divesting its stake in Connexa, a mobile tower business, the company said on Wednesday, at a time when media speculation has emerged that the Ontario Teachers’ Pension Plan (OTPP) is also looking to offload its shareholding as well.
\nOTPP, a pension fund based out of Canada, bought a 70% stake in the passive mobile towers at a valuation of NZ$1.18 billion ($703.75 million) in 2022. <\/p>\n
The Australian Financial Review, earlier in the month, reported that the pension fund – currently holding an 83% stake – was mulling whether it should sell a slice of Connexa. <\/p>\n
OTPP declined to comment while Spark did not give out any additional details about the proposed divestment. <\/p>\n
Spark shares fell as much as 3.7% to A$2.85, hitting their lowest since August, 2015. <\/p>\n
“While a transaction is not yet certain, the strong levels of interest we have received is reflective of the high quality of the Connexa business,” Spark said. <\/p>\n
The company also said it is looking to unlock further value for its shareholders and is reviewing all of its non-core assets in a bid to further strengthen its balance sheet. <\/p>\n
Spark has reported a 72.2% slump in net profit at NZ$316 million for the 2024 financial year.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Zealand-based telco Spark is considering divesting its stake in Connexa, a mobile tower business, the company said on Wednesday, at a time when media speculation has emerged that the Ontario Teachers’ Pension Plan (OTPP) is also looking to offload its shareholding as well. OTPP, a pension fund based out of Canada, bought a 70% stake in the passive mobile towers at a valuation of NZ$1.18 billion ($703.75 million) in 2022. The Australian Financial Review, earlier in the month, reported that the pension fund – currently holding an 83% stake – was mulling whether it should sell a slice of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-872024","post","type-post","status-publish","format-standard","hentry","category-telecom"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/872024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=872024"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/872024\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=872024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=872024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=872024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}