Infratil (ASX:IFT) and asset management company Brookfield are set to acquire Vodafone New Zealand for an enterprise value of $3.4 billion.
Infratil says the acquisition of New Zealand's leading mobile telecommunications company is transformational and significantly strengthens the cash generative core of the portfolio.
Vodafone NZ generated revenue of NZ$2.0 billion and Underlying earnings EBITDA of NZ$463 million for the 12 months to 31 March 2019.
Completion of the deal is conditional on regulatory approvals , but Infratil anticipates that these conditions will be satisfied by August with completion to occur by the end of August 2019.
Shares in Infratil (ASX:IFT) are trading 3.68 per cent lower at $4.19.