New Zealand infrastructure investor Infratil has agreed to acquire a 49.95% stake in One New Zealand from Canada's Brookfield Asset Management for NZ$1.8 billion ($1.1 billion).
The deal, which is expected to close in the second half of 2023, will give Infratil full control of One New Zealand, a digital services and connectivity provider.
Infratil said the acquisition would strengthen its digital and renewable portfolio and help it to deliver on its strategy of investing in "future-proof" assets.
"One New Zealand is a leading digital services and connectivity provider with a strong track record of growth," said Infratil CEO Jason Boyes. "This acquisition will provide Infratil with a platform to accelerate the growth of One New Zealand and to deliver on our strategy of investing in future-proof assets."
One New Zealand provides a range of services to businesses and consumers, including broadband, cloud computing, and data center services. The company has a strong presence in New Zealand and Australia, and is also expanding into other markets in the Asia-Pacific region.
The acquisition is subject to regulatory approval.
About Infratil
Infratil is a New Zealand-based infrastructure investor with a portfolio of assets in the energy, transport, and communications sectors. The company has a market capitalization of over NZ$5 billion and is listed on the New Zealand Stock Exchange.
About Brookfield Asset Management
Brookfield Asset Management is a global alternative asset manager with over $550 billion in assets under management. The company invests in a range of asset classes, including real estate, infrastructure, and private equity.
Why the Deal Makes Sense
The deal makes sense for both Infratil and Brookfield. For Infratil, the acquisition will give it a controlling stake in a leading digital services and connectivity provider. This will help the company to accelerate the growth of One New Zealand and to deliver on its strategy of investing in future-proof assets.
For Brookfield, the sale of its stake in One New Zealand will allow the company to focus on other opportunities. Brookfield has a large portfolio of assets, and it is always looking to invest in assets that are aligned with its long-term investment strategy.
The deal is expected to close in the second half of 2023.
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