AMP Capital-led group agrees to buy Brookfield’s Powerco stake for $525 mln

Wed, 03 Jul 2013

July 4 (BusinessDesk) – A group led by AMP Capital agreed to buy 42 percent of Powerco, New Zealand’s second-biggest gas and electricity network company, from Canada’s Brookfield Infrastructure Partners for $525 million. The sale, conditional on Overseas Investment Office approval, is expected to be completed before the end of the year, New Plymouth-based Powerco said in a statement to the NZX. The balance of the company is owned by Queensland wealth manager QIC, which in 2010 tried to block its former co-owner Prime Infrastructure from sell...

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