Vodafone Group sold its New Zealand mobile unit to a consortium comprising utilities investor Infratil and Brookfield Asset Management for NZD3.4 billion ($2.2 billion).

In a statement, Vodafone said it and Vodafone New Zealand will enter into a partner market agreement covering the use of the Vodafone brand; preferential roaming arrangements; access to its global IoT platform and central procurement function; and a range of services for the business and consumer markets.

Nick Read, Vodafone Group CEO, said: “An important aspect of our strategy is the active management of our portfolio and deleveraging, which this transaction further demonstrates. We have always been proud of our Vodafone New Zealand business, which has a great team, and we look forward to a continued close relationship through our partner market agreement.”

The transaction is subject to customary regulatory approvals, with completion expected by end-March 2020, the company’s financial year.

Vodafone New Zealand is the largest mobile player in the country with a 40 per cent share and about 2.5 million subscribers, Q1 data from GSMA Intelligence showed.

Infratil is in an investment company based in New Zealand focusing on infrastructure. It owns data, connectivity, social infrastructure, renewable energy and airport businesses.

Canada-based Brookfield Asset Management is a global alternative asset manager with more than $365 billion in assets under management.