On December 11, 2024, CDPQ announced it would acquire a 33% stake in Connexa from Ontario Teachers’ Pension Plan and Spark New Zealand’s remaining ~17% stake for CAD 745 million (NZD 909 million). The deal closed on February 28, 2025, following regulatory approvals.

CDPQ and Ontario Teachers’ now each hold a 50% co-controlling interest in Connexa, New Zealand’s largest mobile tower operator with over 2,400 sites. Spark received approximately NZD 311 million and expects to recognise a NZD 69 million gain in reported EBITDAI.

Ontario Teachers’ and Spark were advised by Chapman Tripp and Baker & McKenzie, with Webb Henderson assisting Spark. CDPQ was advised by Allens and Russell McVeagh. Bank of America advised the sellers; Citigroup advised CDPQ.

Connexa has grown significantly under Ontario Teachers’, including the acquisition of Clearspan. CDPQ’s entry is expected to support continued growth. Spark, now a key customer, retains control over mobile network assets such as spectrum and radio equipment.

Connexa welcomed CDPQ as a strategic partner, citing enhanced capability to deliver for customers and communities across Aotearoa.