Infratil to make decision on Aust energy assets in September
Infratil [NZX: IFT], 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 a 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.
The investment firm, which is managed by Morrison & Co, 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.