It's the end of an era for Spark, following the sale of Telecom Rentals to Australia's FlexiGroup for $106 million.
The telecommunications leasing business was the last of Spark's large non-core assets, and contributed about $5 million a year to its underlying operating profit.
Analysts aren't sure whether Spark got a good price for the business, but FlexiGroup's share price rose over 5 percent following the news of the purchase.
Managing director of Harbour Asset Managemen Andrew Bascand said the question now was what was next for Spark, as it grapples with stiff competition on three fronts: mobile, broadband and content.
The sale of Telecom Rentals needs the approval of New Zealand's ministry of education and is expected to be completed by the end of April.