| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 November 2009 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 48.0% of the stapled securities of Babcock & Brown Infrastructure Group which owns or controls:
An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 48.0% of the Stapled securities of Babcock & Brown Infrastructure Group, the value of the assets of Babcock & Brown Infrastructure Group and its 25% or more subsidiaries being greater than $100m. |
| Consideration | $1,837,700,000 (being the book value of the assets as at 30 June 2009) |
| Applicant | Brookfield Infrastructure Group (comprising Brookfield Asset Management Inc., Brookfield Infrastructure L.P. and Brookfield Americas Infrastructure Fund) Various (100.0%) |
| Vendor | Existing Shareholders of Babcock & Brown Infrastructure Group Australia (97.06%) New Zealand (2.34%) Various (0.6%) |
| Background | Babcock & Brown Infrastructure Group’s (BBI) key New Zealand asset is Powerco Limited, which operates electricity and gas distribution and transmission businesses throughout New Zealand. Brookfield invests in long term, high quality infrastructure and sees value in Powerco’s underlying assets and in doing so will help maintain Powerco’s ability to continue its operations. The investment will provide BBI with crucial access to funding. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Chris Bargery Russell McVeagh (Auckland) PO Box 8 AUCKLAND |