Friday 10th May 2019
|Text too small?|
Infratil says it is in talks with another party to buy Vodafone Group's New Zealand business.
Infratil, which is managed by Morrison and Co, was put on a trading halt by the New Zealand stock exchange. The stock last traded at $4.60.
"Following recent media speculation, Infratil confirms that it and another party are in discussions with Vodafone Group Plc regarding a potential transaction involving an acquisition of Vodafone New Zealand. The discussions with Vodafone and financiers are ongoing and incomplete, and may not result in a transaction occurring," it said.
The trading halt will remain in place until an announcement is made or the market opens on Tuesday, the NZX said.
The Australian Financial Review earlier reported that Morrison and Co and Canada's Brookfield Asset Management were in "late-stage talks" to buy Vodafone NZ in a 50:50 joint venture in a deal thought to be worth A$2.5 billion.
Vodafone New Zealand declined to comment. Brookfield was not immediately available to comment.
Lenders have reportedly lined up a funding package that includes about half a dozen banks and "were working through due diligence materials" in an effort to firm up their interest, the AFR said.
Deutsche Bank is advising Vodafone.
The move, if completed, will dash hopes for a sizeable listing on the New Zealand stock exchange.
In November, Vodafone New Zealand's new chief executive Jason Parish said the plan was to float the company and the target for the initial public offering was 2020.
Earlier this week, the Australian Competition and Consumer Commission blocked a A$15 billion merger of TPG Telecom and Vodafone's Australian business, arguing it would reduce competition.
No comments yet
AFT Pharmaceuticals starts to hit its straps
Crown seeks US$100m from Tui operator; Prospector moving on
Pacific Edge goes back to shareholders for another $20m
Crown seeks $100m from Tui operator Tamarind
Ryman underlying annual profit may rise by up to 17%
NZ dollar eases on increasing US-China doubts, lack of news in Fed minutes
From dog tucker to top dog: economists ask how Northport can be Auckland’s best replacement
MARKET CLOSE: NZ shares rise; Metlife jumps on takeover talk
NZ dollar eases on technical factors, buoyed by higher dairy prices
RBNZ eyes Westpac Australia money laundering failures