- Vodafone New Zealand Ltd sought prospective buyers for its wireless phone towers that provide coverage to about 98% of the country’s population, Bloomberg reports.
- Infratil Ltd (OTC:IFUUF) and Brookfield Asset Management Inc (NYSE:BAM) own Vodafone New Zealand.
- Vodafone looks to dispose of ~1,487 mobile cell sites likely to generate Ebitda of over NZ$50 million ($34 million) in the financial year starting April 1.
- The assets, viewed as New Zealand’s most extensive tower portfolio, could be worth up to NZ$1.5 billion.
- The towers on sale have an average lease term of about 13 years. It will add 290 more sites by the year ending March 2027.
- Pension funds and asset managers flush with cash find digital infrastructure appealing because of the growth and assured long-term returns they offer.
- Price Action: BAM shares closed lower by 1.55% at $53.92 on Thursday.
