Brookfield-controlled funds and Powerco will take ownership of the assets
Bell Gully has helped global infrastructure investment manager Igneo Infrastructure Partners to divest its majority shareholding in energy group Clarus, covering the gas transmission, distribution and storage assets, and electricity distribution network.
Brookfield-controlled funds will pick up the gas assets owned by Firstgas, Rockgas and Flexgas, while Powerco purchases the Firstlight electricity distribution business. Igneo entered into the agreements on 6 October.
Igneo Australia and New Zealand head Danny Latham said in a media release that the sake followed “a review of our broader portfolio and increased inbound interest in these assets”. The divestment is set to complete in the first half of 2026 pending the fulfilment of certain conditions and regulatory approvals like Overseas Investment Office consent.
Igneo will hold on to its share in the Tauhei Solar Farm. First Renewables, which is leading the project, will stay under the Clarus umbrella.
Partners Dean Alderton and David Coull spearheaded the Bell Gully team that assisted Igneo on the deal. The team included partners Zac Kedgley-Foot, Glenn Shewan, Laura Littlewood, Kirsty Dobbs and Scott Lochhead. Lincoln Matthews, Ash Hebden and Finnbahr Boyle also pitched in.
Igneo's financial advisers were RBC Capital Markets and Cameron Partners Limited.
A team from Chapman Tripp assisted Powerco with due diligence, negotiating transaction documentation, and regulatory and transitional issues. Partners Bradley Kidd and Tom Jemson headed up the team, supported by Penny Kitto, Mitchell Souness, Daniella Schoefisch-Rebstock, Sarah Spicer and Emily Stewart. Tim Sherman, Emma Sutcliffe, Greg Wise, Vonda Engels and Guy Houghton-Jones contributed specialist advice.
