Spark’s independent tower unit Connexa finalised an acquisition of passive infrastructure from 2degrees, which will lease space on the 1,124 towers covered in the deal for 20 years.

Connexa stated the transaction was completed after securing approval from the Overseas Investment Office, noting its tower assets increased to more than 2,350 sites across New Zealand.

The stake of Connexa’s largest shareholder the Ontario Teachers’ Pension Plan increased from 70 per cent to 83 per cent following the acquisition, while Spark’s dropped from 30 per cent to 17 per cent.

Connexa chief executive Rob Berrill said the company is now positioned to provide “a more connected digital future for Aotearoa as its demand and reliance on digital connectivity continues to grow”.

Along with an ongoing network expansion, he noted Connexa’s investment plans are focused on improving capacity and capability across its network of towers.

New Zealand’s Commerce Commission approved the NZD1.1 billion ($683.2 million) deal in May.

2degrees chief executive Mark Callendar said the divestment supports its strategy by allowing it to continue to invest in new services.