Funds managed by Northleaf Capital Partners (Northleaf), a global private markets investment firm, are to acquire a 40% interest in Aotearoa Towers Limited (Aotearoa), a mobile tower infrastructure business, from Vodafone New Zealand Limited (Vodafone NZ).
The completion of this transaction will create New Zealand’s largest independent tower company, with approximately 1,500 wholly-owned towers covering 98% of New Zealand’s population. The Company will benefit from a long-term revenue contract with Vodafone NZ, with an initial term of 20 years and the option for two 10-year extensions. In addition, Vodafone NZ has committed to building additional sites with the Company to meet its expected coverage and capacity requirements over the next ten years.
Northleaf will acquire its interest in the Company alongside InfraRed Capital Partners (InfraRed), on behalf of HICL Infrastructure PLC, which will also be acquiring a 40% interest. Existing investor Infratil Limited will maintain a 20% interest in the Company.