11 Jul 2019
The New Zealand Commerce Commission has granted clearance for infrastructure investment company Infratil to acquire up to 50% of the shares in Vodafone New Zealand. If the NZD3.4 billion (USD2.2 billion) acquisition announced in May goes through as planned, New Zealand-based Infratil would walk away with half of the telco, while Canada-headquartered Brookfield Asset Management would own the other 50%. Completion of the deal continues to be conditional on the Overseas Investment Office granting consent, which Infratil expects to occur within the next two months.
The regulator made no requirement for Infratil to divest its majority stake in utility and broadband provider Trustpower, stating it was satisfied that the investment company’s holding in both Vodafone and Trustpower would not substantially reduce competition. It highlighted that competition in the mobile market is driven by three network operators and is therefore unlikely to be affected by the acquisition.