FlexiGroup to acquire Spark's ICT leasing unit
Spark is selling its Telecom Rentals ICT equipment leasing business to FlexiGroup.
The New Zealand-based telco announced that it has entered into a conditional agreement to sell TRL for NZ$106 million to the Australia-listed leasing specialist.
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"With approximately 1,350 customers across education, datacentres, digital business, and government, this acquisition will see us become the largest technology leasing provider in New Zealand," FlexiGroup CEO and managing director Tarek Robbiati said.
TRL makes approximately NZ$5 million in earnings before interest, tax, depreciation, and amortisation (EBITDA) a year.
The transaction is expected to be completed by April 30, conditional on a change of control consent from the New Zealand Ministry of Education.
Spark said the sale is in line with its strategy to focus on digital services.