Vodafone New Zealand Sells Mobile Tower Assets for $1.1 Billion

Vodafone New Zealand is selling its mobile-phone tower assets to investment firms for NZ$1.7 billion ($1.1 billion).

Together with shareholders Infratil and Brookfield Asset Management, Vodafone’s passive mobile tower assets will be bought by investors InfraRed Capital Partners and Northleaf Capital Partners, which will each have 40% stakes in the new TowerCo business. Infratil will reinvest to hold the remaining 20%, according to a statement Monday.