Funds managed by Northleaf Capital Partners are planning to acquire a 40-percent interest in mobile tower infrastructure business Aotearoa Towers from Vodafone New Zealand.
Northleaf, which has been an active investor in Australia and New Zealand since 2013, will acquire its interest in the company alongside InfraRed Capital Partners on behalf of HICL Infrastructure, which will also take a 40-percent interest in Aotearoa Towers. Existing investor Infratil will maintain a 20-percent stake in the company
The transaction will create New Zealand’s largest independent tower company, with 1,500 wholly owned towers covering 98 percent 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 is planning to build additional sites with the company to meet its expected coverage and capacity requirements during the next 10 years.
