Le Régime de retraite des enseignantes et des enseignants de l’Ontario conclut une entente visant la vente de sa participation dans Connexa à la CDPQ
Toronto and Montreal, Canada and Auckland, New Zealand – December 11, 2024 – Ontario Teachers' Pension Plan ("Ontario Teachers’”) and CDPQ, a global investment group, today announced that CDPQ will acquire a co-controlling shareholding in Connexa, a leading designer, builder and operator of New Zealand’s most comprehensive mobile tower infrastructure network.
CDPQ is acquiring a 33% stake in Connexa from Ontario Teachers’ as well as Spark New Zealand’s (“Spark”) entire ~17% stake for CAD 745 million (NZ 909 million). Following the conclusion of the transaction, which is subject to New Zealand’s Overseas Investment Office approval and other regulatory filings, Connexa will be co-controlled by Ontario Teachers’ and CDPQ, with each investor holding a 50% stake. Completion is anticipated to occur in the first half of 2025.
Connexa was created in October 2022 when Ontario Teachers’ purchased a majority stake in the passive mobile telecom tower assets of Spark. Connexa subsequently acquired the tower assets of another local mobile network operator, giving it more than 2,400 towers in New Zealand. Under Ontario Teachers’ ownership, the business has grown to over 75 staff, delivered over 80 new sites, adopted innovative engineering solutions and deployed industry-leading digital tools. It has strengthened relationships with all its customers, secured significant new business, and recently acquired Clearspan — to become New Zealand’s largest owner of land under mobile towers.
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. CDPQ’s addition will help unlock additional capital to help us continue to grow the business and maintain its leading position in New Zealand’s mobile tower infrastructure network. 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, a premier mobile network platform with a critical role in facilitating digital connectivity for New Zealanders. 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.”
Bruce Crane, Executive Managing Director and Head of Asia-Pacific at Ontario Teachers' added: "Our focus on core markets such as New Zealand is central to creating long-term value across our portfolio in Asia-Pacific. By strategically managing our assets and seeking partnerships with aligned investors, we aim to drive sustainable growth. This approach allows us to capitalize on opportunities in key sectors like infrastructure, positioning Ontario Teachers' to generate alpha and maximize value for our members.
Rob Berrill, CEO at Connexa, said: “We want to acknowledge Ontario Teachers’ and Spark’s considerable support over the last two years as Connexa was established and rapidly scaled to become New Zealand’s largest mobile tower infrastructure company. We look forward to continuing to work with Ontario Teachers’ and now also CDPQ as we execute our business strategy and enable a more connected digital future for all New Zealand.”
About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.
Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
About Connexa
Connexa is Aotearoa New Zealand’s largest specialist mobile tower infrastructure company, operating a nationwide portfolio of more than 2,400 mobile sites. Connexa has an ambitious committed mobile tower build programme to meet New Zealand’s growing demand for wireless digital connectivity. For more information, visit connexa.co.nz or follow us on LinkedIn.
Media Contacts:
Ontario Teachers’
Dan Madge
+1 416 419-1437
media@otpp.com
CDPQ
Conrad Harrington
+ 1 514 847-5493
charrington@cdpq.com
Connexa
Jessie Gilchrist
+64 21 0811 7770
media@connexa.co.nz