Chapman Tripp is pleased to announce its role in advising on two significant transactions involving Connexa, a leading provider of mobile infrastructure in New Zealand.
Ontario Teachers' Pension Plan (OTPP) and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced last week that CDPQ will acquire a co-controlling 50% shareholding in Connexa. CDPQ is acquiring a 33% stake in Connexa from OTPP as well as Spark New Zealand’s (Spark) entire ~17% stake for NZ$909 million. Completion of the transaction, which is subject to consent under the Overseas Investment Act and other regulatory filings, is anticipated to occur in the first half of 2025.
Chapman Tripp acted as sellers’ joint transaction counsel to both Spark and OTPP alongside Baker & McKenzie. Webb Henderson also assisted Spark’s interests. The core Chapman Tripp team consisted of Partners Kelly McFadzien, Tom Jemson, Roger Wallis and Senior Associate, Guy Houghton-Jones, together with solicitors Caragh Murphy and Daniella Schoefisch-Rebstock.
Allens and Russell McVeagh advised CDPQ. Bank of America are the sellers’ financial advisers and Citigroup provided financial advice to CDPQ.
Chapman Tripp also recently acted as legal counsel to Connexa in its agreement with American Tower Corporation to acquire 100% of the shares in property platform, ATC New Zealand Limited (Clearspan). Clearspan owns 112 land interests throughout New Zealand, including land under mobile towers and rooftop-based mobile sites. The transaction closed on 11 December 2024.
Kelly said, “It is a privilege to work with OTPP and Spark to achieve this milestone divestment transaction, and to continue to assist Connexa in enhancing its infrastructure capabilities and supporting the growth of New Zealand’s digital economy.”
In 2022, Chapman Tripp advised OTPP on its NZ$1.15 billion acquisition of Spark TowerCo and in 2023 Chapman Tripp advised Connexa on its NZ$1.076 billion acquisition of 2degrees’ passive cell tower assets.
