Infratil's (ASX:IFT, NZE:IFT) One New Zealand subsidiary plans to form a network infrastructure sharing arrangement with telecommunications firm 2degrees, according to a Thursday filing with the Australian bourse.

Under the proposal, One NZ and 2degrees would contribute their respective mobile radio access network (RAN) assets into a jointly-owned commercial entity, which would own, manage and operate the shared RAN infrastructure, the filing said.

The proposal would allow One NZ to maintain ownership and control over its spectrum management rights, core networks, fiber backhaul assets, and satellite innovations, per the filing.

Infratil holds roughly 99.8% of One New Zealand.

Infratil's Australian shares fell nearly 2% in morning trade Thursday, while its New Zealand shares shed 1%.