New Zealand law firm Bell Gully is advising Vodafone New Zealand on the $1 billion sale of its mobile phone towers to a consortium of investors, represented by Australia’s Allens and New Zealand firm Chapman Tripp.

A consortium comprising Northleaf Capital Partners and InfraRed Capital Partners is paying NZ$1.7 billion ($1 billion) for an 80% stake in the business TowerCo. TowerCo was created ahead of the transaction and holds 1,484 mobile phone towers.

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