Spark New Zealand (NZE:SPK, ASX:SPK) sold its remaining stake of 17% in mobile towers business Connexa to global investment group CDPQ for NZ$314 million, according to a Thursday filing with the Australian and New Zealand bourses.

Spark expects to recognize a gain of around NZ$70 million in reported earnings before interest, taxes, depreciation, amortization, and impairment once the sale is completed.

As part of the deal, Connexa's majority owner, Ontario Teachers' Pension Plan, will also sell 33% of its shareholding to CDPQ. Upon completion, Ontario Teachers and CDPQ will each hold a 50% co-controlling interest in Connexa, as per the filing.

The transaction is subject to Overseas Investment Office approval, among other closing requirements. It is expected to close in the third quarter of the fiscal year 2025.

Spark's shares were up nearly 3% in New Zealand and by over 2% in Australia.