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Colonial First acquires NZ Maui Pipeline
Colonial First State Global Asset Management's (CFSGAM) managed infrastructure funds have completed the acquisition of Maui Pipeline, New Zealand's high pressure transmission pipeline, from the joint venture comprising Shell, Todd and OMV for NZ$335 million ($319.5 million).
This was a second takeover by the same funds with the previous one occurring in April and being an acquisition of First Gas Limited (FGL), the owner and operator of gas transmission and distribution networks in New Zealand's North Island.
Following a completion of its second purchase, CFSGAM said that Maui Pipeline would be merged with FGL in order to create the entire New Zealand gas transmission network under a single ownership.
According to CFSGAM director, united infrastructure investment, Gavin Kerr, the second acquisition represented another "quality infrastructure asset" and was highly complementary with the FGL.
"This brings to a conclusion two substantial acquisitions in New Zealand for our funds and clients," he said.
Maui Pipeline, which currently transports approximately of 78 per cent of all natural gas produced in New Zealand, was first built in the 1970s to deliver gas from the Maui natural gas field.
The combined FGL business is expected to own New Zealand's gas transmission and distribution network covering 2,500km of high pressure gas transmission pipelines and stations that transport gas to industrial consumers across North Island and 4,800km of distribution pipelines in Northland, Waikato, the Bay of Plenty, the Central Plateau, and the Kapiti Coast, servicing over 60,000 customers.
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