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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.