$3.4 billion sale of Vodafone aided by MinterEllisonRuddWatts
Leading mobile telecommunications company, Vodafone New Zealand has been acquired by a consortium comprising Infratil and Brookfield Asset Management for NZ$3.4 billion with top law firm MinterEllisonRuddWatts advising on aspects of the landmark deal.
NZX listed investment company, Infratil has a market value of about NZ$2.5 billion and mainly invests in energy, transport and “social infrastructure” businesses.
Brookfield Asset Management is an asset management company based in Toronto that owns assets worth US$360 billion. It invests in real estate, renewable power, infrastructure and other “private equity” assets.
Partner John Conlan led MinterEllisonRuddWatts’ deal team advising Brookfield Asset Management on its shareholding arrangements while partners Chris O’Brien and Steve Gallaugher led the team advising the lead finance arranger banks involved in this complex deal.
“We’re delighted to have worked alongside Brookfield Asset Management to reach this significant deal for our client and New Zealand’s telecommunications industry,” says Corporate Partner, John Conlan.
The sale highlights the attractiveness and continued interest from overseas investment companies in doing business in New Zealand.
“We are very pleased to have led the legal work ensuring Brookfield Asset Management and Infratil had the debt financing assurances they needed to progress with the acquisition,” says Banking and Financial Services Partner, Chris O’Brien.
Buddle Findlay advised the Infratil and Brookfield consortium while Bell Gully acted for the Vendor. Chapman Tripp advised Infratil on its shareholding arrangements. The deal is subject to approval by the Overseas Investment Office and the Commerce Commission, and is expected to complete by August 2019.
Janine Brennan-Lynch, Marketing Communications Manager
Phone +64 9 353 9828 Mobile +64275 128 821
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