Infratil's Canberra data centre purchase delayed by election uncertainty

Monday 11th July 2016

Infratil's planned purchase of a 48 percent stake in Canberra Data Centres has been delayed due to the uncertainty generated by the outcome of the Australian federal election.

In a statement to the NZX, chief executive Marko Bogoievski said the A$392 million transaction had been due to complete late in July, but that the time taken to form a government had led to longer than expected timeframes for obtaining approval from the country's Foreign Investment Review Board.

The infrastructure investor announced the purchase on May 19. It's teaming up with the Australian government pension fund provider Commonwealth Superannuation Corp to buy the data centre business. Commonwealth Superannuation Corp will also hold 48 percent of CDC, with the remaining 4 percent held by the data centre company's executive.

Investors have now been told the transaction is due to complete late next month.

Infratil shares fell 0.3 percent to $3.26, and have slipped 0.2 percent since the start of the year.

BusinessDesk.co.nz

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