Vodafone New Zealand looks to sell mobile towers
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1 min read . Updated: 07 Mar 2022, 06:59 PM IST - Vodafone New Zealand, which is half owned by infrastructure investor Infratil Ltd., has nearly 1,500 mobile towers across New Zealand
Vodafone New Zealand Ltd. said it is seeking a buyer for its mobile towers, aiming to free up capital for its business and shareholders.
Vodafone New Zealand, which is half owned by infrastructure investor Infratil Ltd., has nearly 1,500 mobile towers across New Zealand that can provide mobile-phone coverage to about 98% of the country.
“As the necessary infrastructure to support digital economies grows in importance, and as telecommunications companies look to unlock value that can be reinvested, separate ownership of passive mobile tower assets has become increasingly common," the company said Monday.
Vodafone competitor Spark New Zealand Ltd. is also trying to sell a stake in its mobile towers after Telstra Corp. last year got 2.8 billion Australian dollars (US$2.06 billion) from selling a 49% stake in its 8,200 towers in Australia. It is returning about half of the sale proceeds to shareholders via a share buyback.
UBS and Barrenjoey are Vodafone’s advisers for the towers sale. Vodafone said its towers are expected to generate annual operating earnings of about 51 million New Zealand dollars (US$34.9 million).
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This story has been published from a wire agency feed without modifications to the text
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