(Rewrites paragraph 1 and adds details throughout)

Oct 30 (Reuters) - NZ-based telco Spark is considering divesting its stake in Connexa, a mobile tower business, the company said on Wednesday, at a time when media speculation has emerged that Ontario Teachers' Pension Plan (OTPP) is looking to offload its shareholding as well.

OTPP, a pension fund based out of Canada, bought a 70% stake in the passive mobile towers at a valuation of NZ$1.18 billion ($703.75 million) in 2022.

The Australian Financial review, earlier in the month, reported that the pension fund - currently holding an 83% stake,

was mulling whether it should sell a slice of Connexa.

OTPP did not immediately respond to a Reuters request for comment.

"While a transaction is not yet certain, the strong levels of interest we have received is reflective of the high quality of the Connexa business," Spark said.

Spark said it is looking to unlock further value for its shareholders and is reviewing all of its non-core assets in a bid to further strengthen its balance sheet.

The company has reported a 72.2% slump in net profit at NZ$316 million for the 2024 financial year.

Spark did not immediately respond to request over the valuation it would be seeking for its stake in Connexa.

($1 = 1.6767 New Zealand dollars)

(Reporting by Sneha Kumar; Editing by Shailesh Kuber)

((Sneha.Kumar@thomsonreuters.com;))