Firstgas buys Eastland Network for $260m

Eastland Network is the electricity lines company for Gisborne, Wairoa and the East Coast. (Image: Eastland)

Tue, 22 Nov 2022

Firstgas Group will buy lines company Eastland Network for $260 million from community trust-owned Eastland Group.The 100% acquisition is conditional on Overseas Investment Office approval. Firstgas is owned by Australian-based Igneo Infrastructure Partners.Some $80m of the proceeds will go to Trust Tairāwhiti and the balance will stay with Eastland Group. The asset book value of Eastland Network was $185m as at March 31. Eastland Network is the regulated electricity lines company for Gisborne, Wairoa and the East Coast serving nearly...

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