Technology

Spark sells 70% of TowerCo for $900m to Ontario Teachers’ Pension Plan Board

Ben Moore
Tue, 12 Jul 2022

Spark sells 70% of TowerCo for $900m to Ontario Teachers’ Pension Plan Board

Spark's 1,263 passive tower assets fetched a total valuation of $1.175 billion. (Image: Spark)

Ben Moore
Tue, 12 Jul 2022

Spark has found a buyer for TowerCo, with the Ontario Teachers’ Pension Plan Board set to pay $900 million for 70% of the company.The telco will retain a 30% stake in the subsidiary, which was spun out to take ownership of its 1,263 passive tower assets earlier this year.The deal is subject to approval by the Overseas Investment Office and is expected to close in the first half of next year. It values TowerCo at $1.175 billion.Spark will move to a lease agreement for use of the towers, forming a 15-year agreement with TowerCo with right o...

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Spark sells 70% of TowerCo for $900m to Ontario Teachers’ Pension Plan Board

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