Bell Gully advises on $1.8bn sale of One NZ stake to Infratil

Bell Gully has represented Brookfield Asset Management in the unconditional sale of its 49.95% stake in One NZ to Infratil in a deal worth $1.8bn.

This transaction marks Brookfield's complete exit from One NZ following the previous sale of the company’s passive mobile tower assets for $1.7bn in November 2022. The sale of these assets had resulted in the largest tower business in New Zealand, providing coverage to 98% of the country’s population.

With the acquisition of Brookfield's 49.95% stake, Infratil's ownership in One NZ will increase from 49.95% to 99.9%.

The Bell Gully team responsible for advising on the deal was led by partners James Gibson and Anna Buchly, one of Dealmakers of the Year, who were supported by Mathew McKay, Liz Coats, Murray King, Jesse Wilson, Alex Bond, and Alex McNichol.

This transaction further solidifies Bell Gully's expertise in the mergers and acquisitions sphere, particularly within the information, communications, and technology sector. The firm had previously advised One NZ on the sale of its passive mobile infrastructure assets to InfraRed Capital Partners and Northleaf Capital Partners, reinforcing its strong track record in this field.

Brookfield Asset Management, with assets under management exceeding $825bn and a heritage of over 100 years, is a renowned global owner and operator. The company operates across various sectors, including renewable power and transition, infrastructure, private equity, real estate, credit, and insurance solutions.

Infratil is an infrastructure investment company founded in 1994. The company actively invests in sectors such as digital infrastructure, renewable energy, healthcare, and airports.