Spark NZ Sells Data Center Business to Pacific Equity Partners, Renamed TenPeaks Data Centres
Spark NZ has completed the sale of its data center business to Pacific Equity Partners, now named TenPeaks Data Centres. The deal, valued at up to NZ$705 million, allows Spark to retain a 25% stake while receiving NZ$486 million at completion and potential performance-based payments. TenPeaks plans to invest NZ$3 billion to expand its data center portfolio in New Zealand, targeting growth in capacity to meet increasing data storage demands.
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Spark NZ has sold its data center business to Pacific Equity Partners, which will operate under the name TenPeaks Data Centres. The transaction is valued at up to NZ$705 million, with Spark receiving NZ$486 million upon completion and up to NZ$98 million based on performance.
Spark retains a 25% stake in the new entity and aims to use proceeds to reduce debt. TenPeaks, led by Michael Stribling, plans to invest NZ$3 billion to expand its operations, including a new development in Auckland and extensions in Takanini. The sale process began in February 2025, with several investors expressing interest.
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