WEL, Waipa sell fibre business for $854M

Tue, 12 May 2020

WEL Networks has agreed to sell its stake in Ultrafast Fibre as part of a strategy to increase investment in its core electricity network and new energy options. Hamilton-based WEL and neighbouring Waipa Networks have agreed to sell their shares in UFF Holdings to Japanese institutional investor First State Investments for $854 million. The sale, still subject to Overseas Investment Office and government change of control clearance, gives First State a broadband footprint across the central North Island. Formed to participate in the Crown...

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