Caisse de depot et placement de Québec acquires a co-controlling stake in the telco tower provider
Allens has teamed up with Russell McVeagh to guide Caisse de dépôt et placement du Québec (CDPQ) through its acquisition of a 50% co-controlling stake in Connexa for NZ$909m.
According to Allens, this is the “first major secondary sale of an interest in a telecommunications digital infrastructure asset in the region”. CDPQ picked up 33% of the interest owned by Ontario Teachers' Pension Plan (OTPP) in addition to the full 17% stake held by Spark New Zealand.
“The increasing reliance in the global economy on data and computing power, and the transmission and storage of data, has resulted in a surge in private capital investment into the digital infrastructure underpinning that trend”, joint lead partner Gavin Smith explained.
Following the acquisition, OTPP will have a 50% stake.
“Digital infrastructure has been a driving force in global M&A markets in 2024. We congratulate CDPQ on its inaugural investment in New Zealand infrastructure, and look forward to seeing CDPQ bring its global expertise to New Zealand's leading mobile tower infrastructure network”, Allens joint lead partner Tom Story said.
Story took the lead on the M&A and capital markets aspects of the deal, working alongside managing associate Chris Travers, senior associate Morgan Sheargold and associate Julie Litver. Smith led the TMT aspects, working with senior overseas practitioner David Liao.
