InfraRed Capital Partners and Northleaf Capital Partners have signed a $NZ1.7 billion deal to invest in telecommunications towers owned by Vodafone NZ.
Two infrastructure managers have split the sixth and likely final telco towers portfolio to be sold in the past 13 months.The two firms will each buy a 40 per cent stake in Vodafone NZ’s new TowerCo, while existing Vodafone NZ investor Infratil would take the remaining 20 per cent. Brookfield would sell its stake in full.to sign the deal over the weekend. Other bidders included John Laing Infrastructure.
The price paid represented 33.8 times expected 2023 financial year EBITDA, according to Infratil. There were 1484 towers in the portfolio and a 20-year service agreement back to Brookfield and Infratil owned Vodafone NZ. The TowerCo selldown would fuel big paydays for Vodafone NZ’s two investors; Infratil said it had made a 26.7 per cent return, on an IRR basis, from Vodafone NZ on completion of the selldown. [Infratil and Brookfield would continue to each own nearly 50 per cent of Vodafone NZ’s operating business].
It’s the sixth and likely final telecommunications towers deal across Australia and New Zealand in the past 13 months, as telco owners capitalise on private capital interest in their infrastructure. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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