Ontario Teachers’ Reaches Agreement to Sell Equity Stake in Connexa to CDPQ

Ontario Teachers' Pension Plan ("Ontario Teachers’”) and CDPQ, a global investment group, today announced that CDPQ will acquire a co-controlling shareholding in Connexa, a leading designer, builder and operator of New Zealand’s most comprehensive mobile tower infrastructure network.

CDPQ is acquiring a 33% stake in Connexa from Ontario Teachers’ as well as Spark New Zealand’s (“Spark”) entire ~17% stake for CAD 745 million (NZ 909 million). Following the conclusion of the transaction, which is subject to New Zealand’s Overseas Investment Office approval and other regulatory filings, Connexa will be co-controlled by Ontario Teachers’ and CDPQ, with each investor holding a 50% stake. Completion is anticipated to occur in the first half of 2025.

Connexa was created in October 2022 when Ontario Teachers’ purchased a majority stake in the passive mobile telecom tower assets of Spark. Connexa subsequently acquired the tower assets of another local mobile network operator, giving it more than 2,400 towers in New Zealand. Under Ontario Teachers’ ownership, the business has grown to over 75 staff, delivered over 80 new sites, adopted innovative engineering solutions and deployed industry-leading digital tools. It has strengthened relationships with all its customers, secured significant new business, and recently acquired Clearspan — to become New Zealand’s largest owner of land under mobile towers.

Jan Brand, Managing Director, Infrastructure, Asia-Pacific at Ontario Teachers’, said: “We are pleased to bring in CDPQ, a likeminded and long-term-oriented investor, as our ownership partner in Connexa. CDPQ’s addition will help unlock additional capital to help us continue to grow the business and maintain its leading position in New Zealand’s mobile tower infrastructure network. We remain committed to Connexa and its strong team and are pleased to see that CDPQ shares our confidence in the business’s long-term prospects.”

Emmanuel Jaclot, Executive Vice President and Head of Infrastructure, at CDPQ said: “We are thrilled to join forces with Ontario Teachers’ to invest in Connexa, a premier mobile network platform with a critical role in facilitating digital connectivity for New Zealanders. This marks CDPQ's inaugural infrastructure investment in the country and our third investment in mobile networks globally during the past five years. Together, we will bring international sector expertise and long-term capital to support Connexa in delivering its growth strategy.”

Bruce Crane, Executive Managing Director and Head of Asia-Pacific at Ontario Teachers' added: "Our focus on core markets such as New Zealand is central to creating long-term value across our portfolio in Asia-Pacific. By strategically managing our assets and seeking partnerships with aligned investors, we aim to drive sustainable growth. This approach allows us to capitalize on opportunities in key sectors like infrastructure, positioning Ontario Teachers' to generate alpha and maximize value for our members."

Rob Berrill, CEO at Connexa, said: “We want to acknowledge Ontario Teachers’ and Spark’s considerable support over the last two years as Connexa was established and rapidly scaled to become New Zealand’s largest mobile tower infrastructure company. We look forward to continuing to work with Ontario Teachers’ and now also CDPQ as we execute our business strategy and enable a more connected digital future for all New Zealand.”