Spark New Zealand said it would be looking for an investor in its telecom tower subsidiary called Spark TowerCo.
Spark TowerCo will be a leading telecom tower business with approximately 1,263 sites. Spark aims to maintain a shareholding in Spark TowerCo and will be an anchor tenant and strategic partner. Spark has appointed Forsyth Barr and Jarden to identify a partner for the telecom tower business.
Spark has the largest mobile and wireless broadband customer base in New Zealand.
Stefan Knight, Spark Finance Director said: “Spark TowerCo will have a focus on passive mobile assets so will be able to achieve greater focus, service innovation, and efficiency, reducing costs and increasing speed to market.”
Spark TowerCo is projected to have EBITDA in FY23 of ~NZ$35 million with a strong growth profile over the next 10 years.