AMP Limited
(ASX:AMP) has agreed to buy a 42 per cent stake in Powerco, New Zealand’s second-largest electricity and gas distributor, for $450 million.
The deal is subject to approval from New Zealand’s Overseas Investment Office and is expected to be concluded by the end of this year.
AMP is investing on behalf of clients and funds including the AMP Capital Infrastructure Equity Fund and the AMP Capital Core Infrastructure Fund.
Powerco supplies more than 420,000 customers in New Zealand’s North Island.
It has 16 per cent of the nation’s electricity connections and 40 per cent of its gas connections.
AMP delivered a net profit of $687 million in its 2012 financial year.
