AMP Capital pays $409m for Powerco NZ stake

The deal, which requires approval from the New Zealand Overseas Investment Office and, is expected to close by the end of this year.

"The strength of the Powerco business and the New Zealand economy makes this an attractive investment for our managed funds and clients. This transaction offers them exposure to a geographically diversified quality asset in the core regulated utility sector," said Scott Davies, AMP Capital's global head of infrastructure.

Powerco supplies electricity and gas to more than 426,000 consumers, including 323,093 electricity connections and 103,313 gas connections, in New Zealand's North Island. This represents 16% of total electricity connections and 40% of total gas connections in New Zealand.

Brookfield Infrastructure acquired Powerco's initial interest in the business in 2009 as part of the recapitalization of Babcock & Brown Infrastructure.

AMP Capital had more than $130 billion under management at the end of 2012. It has made over 80 equity and debt infrastructure investments globally since 1988 and its portfolio currently includes assets in Asia, Europe and Australasia, as well as North America.

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• Topics
• Australasia
• Infrastructure
• LPs
• Australia
• Infrastructure
• AMP Capital Investors
• New Zealand