Bell Gully is delighted to be advising Igneo Infrastructure Partners and First Gas on the NZ$260 million acquisition of electricity distributor Eastland Network.
Eastland Network is the lines company for Tairāwhiti and Wairoa, delivering power to nearly 26,000 customers across 12,000 square kilometres.
Igneo Infrastructure Partners, part of the First Sentier Investors Group, is one of the leading infrastructure asset managers worldwide and has been investing in infrastructure for more than 30 years. Its recent investments in New Zealand include Waste Management New Zealand, which also services consumers and businesses in the Tairāwhiti region.
Bell Gully’s corporate team advising Igneo and First Gas is led by partner Dean Alderton. “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. 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,” Dean Alderton shared.
The transaction is subject to Overseas Investment Office consent.