QIC buys into B&B NZ infrastructure
Queensland institutional investor QIC has picked up a key Babcock and Browne Infrastructure (BBI) investment — 50 per cent of the operations of New Zealand generator PowerCo for around NZ$400 million.
The transaction has delivered some much-needed liquidity to BBI and prompted Babcock and Browne Infrastructure chief executive Jeff Kendrew to claim that it had validated the company’s view of the underlying assets within the company.
Commenting on the transaction, QIC head of global infrastructure Ross Israel said PowerCo was a core regulated utility, which QIC expected would provide stable long-term returns.
PowerCo is New Zealand’s second largest electricity and gas distribution business with over 40,000 connected customers.
PowerCo also has a gas network and retail business in Tasmania, which has been excluded from the sale process.
AUTHOR
Mike Taylor
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