Spark sells remaining Connexa stake for $314m

Tower company Connexa is now fully owned by two Canadian pension funds. (Image: NZME)

Thu, 12 Dec 2024

Spark has sold its 17% stake in mobile tower company Connexa for $314 million to Crown-owned Canadian pension fund Caisse de dépôt et placement du Québec.The fund, known as CDPQ, will also acquire 33% of the stake held by the Ontario Teachers’ Pension Plan, meaning each will hold a 50% interest.Spark said it expected to recognise a gain of $70 million in its reported earnings before interest, taxes, depreciation, amortisation and investments (ebitdai) from the sale.Pending regulatory approvals, the sale is expected to...

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