Spark New Zealand Agrees to Sell Data Center Stake to Trim Debt

Spark New Zealand has agreed to sell 75% of its fledgling data center business, reducing debt and finding a capital partner to help fund expansion.

Australian private equity firm Pacific Equity Partners has agreed to buy the stake for NZ$486 million ($288 million), with as much as NZ$98 million extra payable if performance objectives are met by the end of 2027, Auckland-based Spark said Tuesday. Proceeds will be used to reduce debt.

“Through this partnership we will realize value for our data center assets in the short term, while also continuing to participate in the growing market through our 25% ...