Wednesday 22nd December 2021 |
Text too small? |
Spark announced today that it has signed a conditional agreement to purchase back 50% of the shares in Connect 8 from electricity distribution company Electra Group.
The transaction means that Connect 8, an infrastructure provider to the telecommunications, water, and power sectors, will again be wholly owned by Spark.
Spark Technology Director Mark Beder says, “We believe now is the right time to bring Connect 8 back into the Spark group, to support the acceleration of our 5G rollout and the sharp uplift we have seen in IoT connections.
“Over the past three years, Connect 8 has expanded into water and power, which further supports our deployment of IoT networks and customer solutions in these sectors.”
Electra Chief Executive Neil Simmonds says, “It’s been a pleasure working with the Connect 8 team. We have improved our understanding of future telecommunications technologies through our involvement with Connect 8 but have decided to increase our business focus on our core Kapiti and Horowhenua regions.”
The transaction is expected to complete in early 2022. Connect 8 will continue to operate as construction contractor for telecommunications and other utility sectors.
Please see the link below for details
Spark to take full ownership of Connect 8
Source: Spark New Zealand Limited
No comments yet
SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report