Chapman Tripp confirms role in completion of $1bn telco deal

The firm guided Connexa as it picked up 2degrees' passive cell tower assets

Chapman Tripp confirms role in completion of $1bn telco deal
Roger Wallis

Chapman Tripp has confirmed its role in the completion of a $1.076bn telco deal involving the sale of 2degrees’ passive cell tower assets to Connexa.

The firm provided legal guidance to Connexa in reaching an agreement to acquire 1,124 passive mobile telecommunication towers. Connexa will grant access to space on the towers in line with a 20-year services agreement with 2degrees.

2degrees also signed on for 450 additional tower tenancies with Connexa, Chapman Tripp confirmed. The deal received Overseas Investment Act and Commerce Act clearance, with the transaction reaching completion last week.

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Partners Roger Wallis and Greg Wise headed up the team working with Connexa on negotiations, due diligence, transaction documentation and regulatory approvals. The team comprised partners Cathryn Barber, Lucy Cooper, Kelly McFadzien, Graeme Olding and Tim Tubman, as well as senior associates Emma Bowman, Jana Hitchcock, Guy Houghton Jones and Rosa McPhee.

Cooper tackled the competition law clearance application aspect of the deal with support from senior solicitors Stacey Thomson and Laura Green. The Chapman Tripp team also collaborated with Allens and Linklaters on advising Connexa.

2degrees received legal guidance from Simpson Grierson and Gilbert + Tobin.

Serving as financial advisers were Bank of America Securities (for the Ontario Teachers’ Pension Plan Board), Macquarie Capital (for 2degrees) and Jarden (for Spark).

The Ontario Teachers’ Pension Plan Board owns 83% of Connexa, while Spark holds the remaining 17% stake.

“Mobile telecommunication towers have become a highly sought-after asset for infrastructure investors around the world. Sales of these towers, such as this transaction, also enable mobile network operators to invest further in active elements of their networks, including in deployment of 5G technology”, Chapman Tripp said.

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