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Chapman Tripp Advises Infratil On $850m Equity Capital Markets Raising

Chapman Tripp has advised Infratil on its $850m equity capital markets raising to part fund the acquisition of Brookfield Asset Management’s 49.9% stake in One New Zealand (One NZ) for $1.8 billion.

This takes Infratil’s ownership to 99.9% in the digital services and connectivity company, which is valued at NZ$5.9 billion.

The capital raise is structured as an underwritten $750m placement, which will be followed by an approximately $100m retail offer which is not underwritten.

The Chapman Tripp team was led by Partner Josh Blackmore with support from Partner Roger Wallis, Senior Associate Tom Jemson and Senior Solicitor Julia Carrington.

“This follows on from similar capital raisings we’ve worked with Infratil on in 2019 and 2020,” said Blackmore. “The proceeds of this raise will primarily be applied towards a significant further investment by Infratil in One NZ as it increases its focus on digital infrastructure.”

Buddle Findlay acted for Infratil on the One NZ acquisition and Bell Gully for Brookfield. Simpson Grierson acted for the underwriters. Baker + McKenzie and Sidley Austin acted on the international offer aspects.

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