Lead managers appointed for Mighty River Power IPO
Goldman Sachs New Zealand, Macquarie Capital New Zealand and First New Zealand Capital / Credit Suisse Australia will project manager the sale of a minority shareholding in Mighty River Power.
Treasury has appointed three investment banks as joint lead managers for its first-off-the-block energy company float.
Goldman Sachs New Zealand, Macquarie Capital New Zealand and First New Zealand Capital / Credit Suisse Australia will project manager the sale of a minority shareholding in Mighty River Power.
The initial public offer (IPO) is the first of the proposed sell-downs of the government’s shareholding in four power companies. It will also sell 49% each of Meridian Energy, Genesis Power and Solid Energy and 24% of Air New Zealand.
State services Minister Tony Ryall said last year the government expects to pay $100 million in fees for the programme, which will be run over the next three to five years.
Treasury said the tender process that established the joint lead managers was highly competitive.
The chosen firms will be responsible for project management, consultancy, execution and advisory services for the IPO.
The Treasury has also appointed Bell Gully as its legal advisor.
Firms not successful in the tender for work on the Mighty River Power transaction will be able to compete for roles in subsequent transactions.
Three other firms firms - UBS New Zealand Forsyth Barr / Merrill Lynch Deutsche Bank / Craigs Investment Partners - are also on a wider panel, from which they potentially act as joing lead managers for future mixed ownership model transactions.
Georgina Bond
Fri, 27 Jan 2012
Fri, 27 Jan 2012
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Lead managers appointed for Mighty River Power IPO
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