Spark New Zealand gains on stake sale in towers business

Spark New Zealand

12/07/2022 01:45

** Shares of Spark New Zealand  SPK.NZ  gain as much as 2.2%
to NZ$4.985, their highest in more than two months 
    ** The telecom firm says it will sell a 70% stake in its
towers business to Canadian investment firm Ontario Teachers'
Pension Plan Board for NZ$900 million ($550.2 million)
 urn:newsml:reuters.com:*:nL4N2YS32W
    ** The transaction values the business at NZ$1.175 billion
    ** Adds that transaction is expected to occur in the first
half of FY23
    ** Shares see best day since June 15 - if gains hold 
    ** Stock has risen 8.3% this year, as of last close

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))