Spark sells 75% stake in data centre business

Spark has announced the sale of a 75% stake in its data centre business to Pacific Equity Partners (PEP).

The deal, which values the business at up to $705 million, will be made through PEP's Secure Asset Fund.

Spark said the partnership with PEP will provide a funding pathway to develop its data centre capacity.

Spark will retain a 25% stake in the business.

The transaction is subject to regulatory approvals and is expected to be completed by December 31, 2025.

Spark said it expects to receive cash proceeds of about $486m, which will be used to reduce net debt.