New Zealand Infratil Consortium Executes Sale, Purchase Agreement For Shell New Zealand Assets

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

Infratil (ASX:IFT)
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