Global investment group CDPQ to acquire a co-controlling shareholding in Connexa
Connexa is announcing today that Caisse de dépot et placement de Québec (CDPQ), a global investment group, will acquire a co-controlling shareholding in Connexa alongside Ontario Teachers’ Pension Plan (Ontario Teachers’).
CDPQ is acquiring a 33% stake in Connexa from Ontario Teachers as well as Spark New Zealand’s entire 17% stake for NZ$909 million. Once the transaction is concluded (which is subject to Overseas Investment Office approval), Ontario Teachers’ and CDPQ will each hold a 50% stake in Connexa. Completion is anticipated to occur in the second half of 2025.
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. 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. 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.”
We are pleased to welcome CDPQ as one of Connexa’s owners. Their support, aligned values and confidence in our vision alongside Ontario Teachers’ will help our business continue to grow, serve our customers and seize the opportunities of tomorrow.
We also want to thank Spark for their support and commitment over the last two years as Connexa was established and then quickly scaled to become New Zealand’s leading mobile tower company. Spark remains a valued customer and partner, and our teams will continue to work together to meet Aotearoa’s growing demand for wireless digital connectivity.
Read more from Ontario Teachers’: https://www.otpp.com/en-ca/about-us/news-and-insights/2024/otpp-sell-equity-stake-in-connexa-to-cdpq/
Read more from CDPQ: https://www.cdpq.com/en/news/pressreleases/ontario-teachers-reaches-agreement-sell-equity-stake-connexa-cdpq