Sharechat Logo

Spark New Zealand Limited (NZX: SPK) Spark to take full ownership of Connect 8

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



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

BIF - Acquires shares in Hot Lime Labs
RUA - Cann Group granted TGA GMP for Mildura facility
AFI - Invitation to Results Webcast
PFI Share Buyback Programme to Pause
Greenfern Industries Limited ("GFI") - Late Annual Report
FSF - Monthly Allotment/ Redemption Notice
1st July 2022 Morning Report
General Capital Releases 2022 Annual Report
Fonterra, NZX, EEX confirm GDT strategic partnership
BIF - Annual Report 2022