Overseas investment decision for case 202400600 - Connexa Limited | Toitū Te Whenua

Decision	Consent granted Section 12(1)(b) Overseas Investment Act 2005
Decision maker	Toitū Te Whenua Land Information New Zealand
Decision date	27 November 2024
Pathway	Sensitive land - Farm land benefit test
Investment	Acquisition of up to 100% of the shares in ATC New Zealand Ltd
Consideration	Withheld under section 9(2)(b)(ii) of the Official Information Act 1982
Applicant	Connexa Limited Canada 83% Various 17%
Vendor	ATC Asia Pacific Pte. Limited United States of America 72% United Kingdom 5% Various 23%
Background	Connexa Limited is a mobile communication infrastructure business that is ultimately owned by Ontario Teacher’s Pension Plan Board and Spark New Zealand Limited. The Applicant is buying 100% of the shares of ATC New Zealand Limited which will give it an indirect interest in sensitive land. The land contains mobile communication towers, including those owned by the Applicant. The Applicant is buying the shares to secure an interest in the land that supports its communication towers. The key benefits of the investment include securing the future connectivity of mobile networks and reducing the risk of critical infrastructure from becoming stranded. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest.
More information	Roger Wallis Chapman Tripp (Auckland) PO Box 2206 Auckland 1140