OTPPB to acquire a 70% stake in TowerCo from Spark for $550m.

Ontario Teachers' Pension Plan Board, a pension plan manager, agreed to acquire a 70% stake in TowerCo, a New Zealand towers business, from Spark, a telecommunications service provider, for $550m. "The acquisition of a 70% stake in TowerCo is an ideal fit for our growing global portfolio of high-quality infrastructure assets. This investment builds on our long track record of investing in superior businesses in New Zealand and will draw on our deep experience investing in digital infrastructure businesses globally. We look forward to working with the Spark New Zealand team to build and grow a leading business that will enable New Zealanders’ continued access to critical telecommunications services to meet their growing mobile demand needs over the long-term," Bruce Crane, OTPPB Senior Managing Director and Head of Asia Pacific Infrastructure & Natural Resources.