News
Major joint venture for New Zealand Superannuation Fund
Bell Gully has advised the Guardians of New Zealand Superannuation Fund on a $696.5 million joint venture deal with Infratil for the acquisition of Shell New Zealand's refining and downstream business.
The acquisition includes 229 service stations and 95 truck stops nationwide, finance and management of up to 650 million litres of fuel inventory, and 17.1% of the New Zealand Refining Company, which operates the Marsden Point oil refinery.
The Bell Gully team reviewed Guardians' obligations arising from the Shell acquisition as well as its joint venture arrangements with Infratil.
Bell Gully corporate partner Brynn Gilbertson was the lead partner on the transaction, advising New Zealand Superannuation Fund on all aspects of the plan together with tax partner David Simcock, senior partner David McGregor and solicitors Andrew Buchanan and Graham Murray.
The agreement was completed on 6 April 2010.
