Spark has signed a conditional agreement to sell 50% of the shares in its subsidiary Connect 8 to Electra Group.
The transaction will also see Connect 8 take full ownership of Electra subsidiary Sky Communications – a telecommunications contractor providing design, build and supply of wireless networks for all of New Zealand’s major mobile network owners.
Electra Chief Executive Neil Simmonds says technology is critical to Electra’s core lines business as smart networks become an important way of lowering costs, improving reliability and driving customer business.
Spark Chief Operating Officer Mark Beder says it will improve operational efficiencies and speed to the market, and provide a solid foundation for the rollout of future mobile.
The transaction is expected to completed before the end of May. Connect 8 will continue to operate as a construction contractor for telecommunications and other utility sectors.