Spark Completes Sale of 75% Stake in Data Center Business to Pacific Equity Partners

MT Newswires Live

Jan 30

Spark New Zealand (ASX:SPK, NZE:SPK) completed the sale of a 75% stake in its data center division to Pacific Equity Partners, according to a Friday filing with the New Zealand and Australian bourses.

The company received NZ$453 million in initial cash proceeds, with an additional NZ$98 million depending on performance targets through December 2027.

The company's data center operations have been transferred to a new independent entity, TenPeaks Data Centers, where it retains two board seats, per the filing.

The deal values the business at up to NZ$705 million, reflecting a fiscal 2025 pro-forma earnings before interest, taxes, depreciation and amortization multiple of 30.8 times, the filing said.

The proceeds will be used to reduce the company's net debt, the filing added.

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