Allens and Linklaters advise OTPP on NZ$1.076bn telco towers acquisition

Mergers & Acquisitions Technology, Media & Telecommunications

Allens and Linklaters have advised Ontario Teachers' Pension Plan Board (OTPP) as majority shareholder of Connexa Limited on its NZ$1.076 billion acquisition of 2degrees' passive mobile telecommunications tower assets.

Together with NZ firm Chapman Tripp, Allens and Linklaters advised OTPP on the long-term service agreement governing access to the towers, which has an initial term of 20 years, as well as the build and co-location commitment of 450 new sites over the next 10 years.

The deal establishes Connexa as New Zealand's largest mobile tower infrastructure network, with a network of more than 2350 towers throughout New Zealand.

It follows Allens and Linklaters' advice to OTPP, together with Chapman Tripp, on its acquisition of Spark New Zealand's passive mobile tower infrastructure assets in 2022.

'We congratulate OTPP and Connexa on this significant acquisition, which cements Connexa's role as the leading s mobile tower infrastructure network in New Zealand,' said co-lead Partner from Allens, Gavin Smith.

'This deal reflects the culmination of a wave of private capital investment into mobile tower infrastructure, with all of Australia and New Zealand's major telco tower assets having changed hands over the past three years. Allens is proud to have played a lead role in every one of these transactions.'

Co-lead partner from Linklaters, Adrian Fisher, said: 'There have been a number of significant mobile towers across the Asia-Pacific region in recent years. We are pleased to have assisted our client OTPP on this latest transaction to create an operator in New Zealand with significant scale.'

Allens legal team

Technology, Media and Telecommunications

Gavin Smith (co-lead Partner), David Liao (Senior Overseas Practitioner), Kevin Fan (Lawyer)

M&A and Capital Markets

Charles Ashton (Partner), Patrick McGregor (Senior Overseas Practitioner)

Linklaters legal team

Technology, Media and Telecommunications

Adrian Fisher (co-lead Partner), Ian Ong (Managing Associate)