| Decision | Consent granted |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 14 February 2025 |
| Pathways | Sensitive land - Farm land benefit test Significant Business Assets |
| Investment | Acquisition of up to 50% of the shares in Frodoco Holdings Limited |
| Consideration | $909,300,000 |
| Applicant | Caisse de dépôt et placement du Québec |
| Vendors | Spark New Zealand Trading Limited 1000243587 Ontario Limited |
| Background | The Applicant is an institutional investor that was established by an act of the Legislature of the Province of Québec. The Applicant is buying up to 50% of the shares of Frodoco Holdings Limited, which will give it an interest in sensitive land that contains mobile communication towers. Frodoco Holdings Limited is the parent company of telecommunications infrastructure business Connexa Limited. Connexa owns and operates approximately 2,350 telecommunication towers around New Zealand. It provides tower infrastructure to a range of telecommunication organisations such as the Spark and Two Degrees mobile networks. 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 | David Hoare |