Eastland Network will join Igneo's gas distribution business First Gas
Bell Gully has helped international infrastructure investor Igneo Infrastructure Partners to successfully snap up Kiwi electricity distributor Eastland Network.
Pursuant to the transaction, Igneo agreed to acquire a 100% interest in Eastland Network from the latter’s parent company Eastland Group and its sole shareholder Trust Tairāwhiti for $260m. Eastland Network will join Igneo’s gas distribution business First Gas as a result of the acquisition.
“We are delighted with Igneo’s purchase of the high-quality Eastland Network and are looking forward to working with the Eastland team as we broaden our energy network,” First Gas CEO Paul Goodeve said. “We know how important the Eastland Network is to the Tairāwhiti community and we’re committed to ensuring the company continues its contribution to the prosperity and wellbeing of the region.”
The deal is still subject to approval by the Overseas Investment Office and is anticipated to be finalised in early 2023. It follows the acquisition by Igneo of New Zealand’s largest waste management provider Waste Management NZ Limited earlier this year.
Partner Dean Alderton led the Bell Gully corporate team on the transaction. Other team members who pitched in were partners Laura Littlewood, Dave McPherson and Glenn Shewan, as well as senior associate Sam Dykes.
“We’re very fortunate to have had this further opportunity in 2022 to work with the broader Igneo team on the acquisition of Eastland Network,” Alderton said. “Igneo’s philosophy to transacting and being an invested custodian of New Zealand infrastructure assets, including First Gas, Tuatahi First Fibre and, more recently, Waste Management, really resonates with the key stakeholders involved in transactions of this nature.”