Vodafone New Zealand passive mobile tower process commences

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
7 March 2022



Vodafone New Zealand passive mobile tower process commences

Vodafone New Zealand (‘Vodafone’), in which Infratil is a 49.9% shareholder, this morning announced
that a process to engage with the market on a potential sale of Vodafone’s passive mobile tower
assets has commenced.

As signalled at the recent Infratil investor day, Vodafone has been actively exploring the possibility of
network capital release options as part of its ongoing transformation and growth strategy for some
time and has been preparing for the potential separation and capital release of its passive mobile
infrastructure tower assets.

A market engagement process has now commenced, with Barrenjoey and UBS engaged to advise
Vodafone.

A copy of the Vodafone release is attached.


Any enquiries should be directed to:

Mark Flesher,
Investor Relations
Infratil Limited
mark.flesher@infratil.com

news release
C2 General

Process to engage with market on potential sale of Vodafone New
Zealand passive mobile tower assets commences

Monday 7 March, 2022
As signalled at a recent Infratil investor update, Vodafone New Zealand has been actively
exploring the possibility of network capital release options as part of its ongoing transformation
and growth strategy for some time, and has been preparing for potential separation and capital
release of its passive mobile infrastructure tower assets.
A market engagement process has now commenced, with Barrenjoey and UBS engaged to
advise Vodafone New Zealand.
The mobile network experience for Vodafone New Zealand customers will benefit from a more
focused investment on the active mobile network assets. Other benefits include more
specialised passive infrastructure ownership and stronger incentives to co-locate on common
tower assets, in turn driving better capital efficiency and reduced environmental impacts.
As the necessary infrastructure to support digital economies grows in importance, and as
telecommunications companies look to unlock value that can be reinvested, separate
ownership of passive mobile tower assets has become increasingly common.
Vodafone New Zealand has the largest
1
tower portfolio in New Zealand, covering 98% of New
Zealand’s population, with strong co-tenancy potential, currently comprising ~1487 wholly
owned mobile towers spread across New Zealand. Vodafone New Zealand is committed to
building additional sites to maintain its relative coverage and capacity position in the future. The
FY23 forecast EBITDA is $51m. EBITDA is shown on a cash basis and not adjusted for IFRS 16.
NB: Passive mobile infrastructure tower assets typically include; physical tower, masts and
poles, foundations, fencing and access facilities, and any associated contractual rights to occupy
the site area. They do not include; spectrum, core mobile network, radio network or back-haul.
1. As per information aggregated by third parties using publicly available sources including the MBIE radio
spectrum database. Excludes small cells.

-ENDS-

About Vodafone New Zealand:
Vodafone New Zealand is one of Aotearoa’s leading connectivity companies and we offer a
range of broadband, mobile and technology products. We believe every New Zealander will
thrive with access to the world’s best digital services and network technology. We maintain

C2 General
news release
almost three million connections to consumer, business and public sector customers, as well as
partner with world-leading brands to offer best-in-class ICT services to organisations in
Aotearoa and beyond. Vodafone New Zealand is owned by Infratil and Brookfield Asset
Management and we are now a partner market in the Vodafone Group, one of the world’s
largest telecommunications companies. For more information, please visit www.vodafone.co.nz