Infratil to decide on Aust energy assets in 2 months
By Paul McBeth
Jul. 14 (BusinessDesk) - Infratil, the infrastructure investor, expects to make a final decision on what to do with its Australian energy assets in September.
The Wellington-based company is continuing its strategic review of Infratil Energy Australia, "with parties expressing interesting in progressing options including outright purchase and merger combinations," it said in a statement. Infratil is in talks with some of those parties which it expects to wrap up in early September, when the preferred outcome will be chosen.
Managed by Morrison & Co, Infratil flagged with its results in May that it had started a review of the Lumo and Direct Connect Australia units of IEA to determine whether to sell the businesses.
Earnings at IEA fell to A$78 million in the year ended March 31, from A$97.7 million a year earlier, with the decline inflated by the effect of translating earnings back into a strong kiwi dollar.
Infratil shares fell 1.2 percent to $2.45, and have gained 9.3 percent this year.