New Zealand Infratil Consortium Executes Sale, Purchase Agreement For Shell New Zealand Assets
28 März 2010 - 10:26PM
Dow Jones News
Utilities and airport investor Infratil Ltd. (IFT.NZ) and the
New Zealand Superannuation Fund said Monday they have executed a
sale and purchase agreement for Shell New Zealand's distribution
and retail business and a 17.1% stake in the New Zealand Refining
Company (NZR.NZ).
The base purchase price is NZ$696.5 million plus an adjustment
for actual net working capital in excess of NZ$208 million at
settlement date.
Total equity provided by Infratil and the NZ Superannuation fund
will amount to NZ$420 million, with the balance of the purchase to
be bank funded.
Along with the stake in NZ Refining, the purchase also includes
NZ-wide distribution, storage, marine and aviation assets, the
rights to use the Shell retail brand, a 25% share in Loyalty New
Zealand and the ongoing supply of Shell Fuels and products.
Shell New Zealand is a unit of Royal Dutch Shell PLC (RDSA).
-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990;
rebecca.howard@dowjones.com
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