Caisse de dépôt et placement du Québec (CDPQ) completed its NZ$909m acquisition of a 50% co-controlling shareholding in mobile infrastructure provider Connexa on 28 February 2025. CDPQ acquired a 33% stake from Ontario Teachers' Pension Plan (OTPP) as well as Spark New Zealand's entire 17% stake. The transaction is the first major secondary sale of an interest in a telecommunications digital infrastructure platform in New Zealand, and marks CDPQ's inaugural infrastructure investment in the country.
Russell McVeagh, led by Corporate Advisory partners David Hoare and Michael Loan, senior associate Sam Kember and solicitor Stephanie Wheble, acted alongside Allens as joint legal advisers to CDPQ.
Michael Loan, partner, said: "We are delighted to have supported CDPQ on its first investment into New Zealand infrastructure. This significant secondary trade will unlock opportunities for CDPQ, alongside like-minded investor OTPP, to bring its global expertise and long-term mindset to supporting the future growth of Connexa, a premier New Zealand mobile tower infrastructure platform."
Chapman Tripp advised OTPP and Spark alongside Baker McKenzie, with Webb Henderson also assisting Spark's interests.