On December 11, 2024, CDPQ announced that it will acquire a 33% stake in Connexa from Ontario Teachers’ Pension Plan (Ontario Teachers') and Spark New Zealand’s (Spark) ~17% stake for CAD 745 million (NZ 909 million), securing a 50% co-controlling interest alongside Ontario Teachers’. The deal, subject to regulatory approval, is expected to close in early 2025.

Chapman Tripp and Baker & McKenzie advised Ontario Teachers’ and Spark, with Webb Henderson assisting Spark. CDPQ was advised by Allens and Russell McVeagh. Bank of America advised the sellers, while Citigroup acted as CDPQ’s financial advisor.

Connexa, New Zealand’s largest mobile tower operator with over 2,400 towers, has grown significantly under Ontario Teachers’ ownership, including the acquisition of Clearspan.