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Consortium to create NZ’s ‘largest’ independent tower company
International law firm Allens has advised a consortium comprising Northleaf Capital Partners and InfraRed Capital Partners on an investment on track to create New Zealand’s largest independent tower company.
Emma Musgrave
Firm: Allens (Northleaf and InfraRed consortium)
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Deal: Northleaf Capital Partners and InfraRed Capital Partners have been advised on their investment in Vodafone NZ’s passive mobile network TowerCo.
Value: NZ$1.7 billion
Area: Banking and finance; projects; merger and acquisition
Key players: The Allens team was led by M&A partner Mark Malinas with support from partners Chris Blane, David Donnelly, Jessica Mottau, Michael Park and Tim Stewart, senior associates Joy Yoon, Ellie Tayler, Sassica Hoolahan, Jamie Griffin, Florence Tan and Nick Swart, associates Alisha D’Souza, Harry Martin, Haddon Chang and Chathurika Ravindra, and lawyer James Hodgson.
Deal significance: According to a statement provided by Allens, the consortium acquired an 80 per cent equity interest in the network for a combined NZ$1.7 billion (with Infratil retaining a 20 per cent interest).
The deal will create New Zealand’s largest independent tower company, with 1,484 towers covering 98 per cent of New Zealand’s population, the firm said.
Commenting on the deal, Allens lead partner Mark Malinas said: “We are pleased to have advised Northleaf and InfraRed on this investment in digital infrastructure across New Zealand, a sector experiencing high M&A activity.”
Allens partner and head of projects David Donnelly added: “It’s been a big 24 months for telecommunications assets, and we expect to see fibre follow suit. We’re grateful for the opportunity to bring together our market-leading M&A, telecoms, projects and finance offerings for our clients in this space.”
