Allens and Russell McVeagh have advised Caisse de depot et placement de Québec (CDPQ) on its acquisition of a 50% co-controlling stake in telco tower provider Connexa from Ontario Teachers’ Pension Plan (OTPP) and Spark New Zealand.
The deal marks the first major secondary sale of an interest in a telecommunications digital infrastructure asset in the region, with CDPQ acquiring 33% of OTPP’s stake in Connexa and Spark New Zealand’s entire 17% stake for NZ$909 million. OTPP will retain a 50% stake alongside CDPQ.
‘The increasing reliance in the global economy on data and computing power, and the transmission and storage of data, has resulted in a surge in private capital investment into the digital infrastructure underpinning that trend,’ said joint lead partner Gavin Smith.
‘Digital infrastructure has been a driving force in global M&A markets in 2024. We congratulate CDPQ on its inaugural investment in New Zealand infrastructure, and look forward to seeing CDPQ bring its global expertise to New Zealand’s leading mobile tower infrastructure network,’ said joint lead Partner Tom Story.
Allens is a leading adviser in digital infrastructure M&A, having advised on the most significant data centre transactions of 2024 and all major Australian and New Zealand telco tower transactions between 2021 and 2024.
