Northleaf Capital Partners Ltd. and HICL Infrastructure PLC (LSE:HICL) managed by InfraRed Capital Partners agreed to acquire Aotearoa Towers Limited from Vodafone New Zealand Limited and Infratil Limited (NZSE:IFT) for NZD 1.7 billion on July 18, 2022. As part of the transaction, Infratil will reinvest to hold 20% in the new TowerCo. Existing investor Infratil Limited will maintain a 20% interest in the Company.

The transaction is expected to complete in the fourth quarter of the 2022 calendar year, subject to receipt of Overseas Investment Office approval. Royal Bank of Canada (RBC) acted as Financial Advisor, Allens Linklaters and Chapman Tripp acted as legal advisors, PwC acted as tax and accounting advisor, Altman Solon acted as commercial advisor, Alvarez & Marsal acted as technical advisor, RPS acted as technical advisor, Colliers as property advisor and A.J. Gallagher acted as insurance advisor to Northleaf and InfraRed. Andrew Petersen, Karl Anderson, Dean Oppenhuis, Mathew McKay, James Gibson, Anna Buchly, Murray King and Jennifer Coote of Bell Gully acted as legal advisor to Vodafone New Zealand Limited.

UBS acted as financial adviser to Vodafone New Zealand.