Vodafone to sell passive tower assets and IFT reinvestment

Vodafone New Zealand Limited, Infratil Limited and Brookfield Asset Management Inc.

have announced the sale of Vodafone NZ’s passive mobile tower assets for $1,700 million.

Infratil will reinvest to hold 20% in the new TowerCo, and the new business will enter into a 20-year master services agreement with Vodafone NZ.

The transaction is estimated to complete in the fourth quarter of 2022 and is subject to Overseas Investment Office approval.

Infratil expects to have generated a 26.7% IRR on its investment in Vodafone following completion of the transaction.