New Zealand operator Spark recently announced 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.
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. The transaction is expected to complete in early 2022. Connect 8 will continue to operate as construction contractor for telecommunications and other utility sectors.
Spark Technology Director Mark Beder
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.
Electra Chief Executive Neil Simmonds
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.
