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AMP Capital Buys 42% of New Zealand Power Company for $408m

July 4 (Bloomberg) -- AMP Capital agreed to buy a 42 percent stake in Powerco Ltd., New Zealand’s second-largest electricity and gas distributor, for NZ$525 million ($408 million) from Brookfield Infrastructure Partners LP.

The deal is subject to approval from New Zealand’s Overseas Investment Office and is expected to be concluded by the end of 2013, Sydney-based AMP said in an e-mailed statement.

AMP is making the investment on behalf of several clients and funds including the AMP Capital Infrastructure Equity Fund and the AMP Capital Core Infrastructure Fund, it said. Powerco supplies more than 420,000 customers in New Zealand’s North Island. It has 16 percent of the nation’s electricity connections and 40 percent of its gas connections.

“The strength of the Powerco business and the New Zealand economy makes this an attractive investment for our managed funds and clients,” Scott Davies, global head of infrastructure at AMP Capital in Sydney, said in the statement. “This transaction offers them exposure to a geographically diversified, quality asset.”

Brookfield’s sale concludes a process that started when documentation was sent to potential bidders in April. They had included AMP, China’s State Grid and the Canada Pension Plan Investment Board, according to media reports.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net

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