On July 18, 2022, HICL Infrastructure PLC, managed by InfraRed Capital Partners, and Northleaf Capital Partners have agreed to acquire a combined 80% stake in Aotearoa Towers Limited (“TowerCo”) from Vodafone New Zealand. TowerCo owns approximately 1,500 mobile towers covering 98% of New Zealand’s population and will operate under a 20-year revenue contract with Vodafone NZ, with options for two 10-year extensions. Infratil Limited will retain a 20% indirect stake. The acquisition strengthens InfraRed’s presence in the Australasian digital infrastructure sector, building on its investments in projects like the Transmission Gully Motorway and Lal Lal Wind Farms. Financial terms of the transaction were not disclosed. InfraRed and Northleaf were advised by Royal Bank of Canada (RBC), Allens, Chapman Tripp, PwC, Altman Solon, Alvarez & Marsal, RPS, Colliers, and Gallaghers.