Infratil confirms it wants to buy Vodafone
Friday, 10 May 2019
Infrastructure company Infratil has confirmed it is interested in buying Vodafone New Zealand.
In a market update, the firm said it and another party were in discussions with the Vodafone group 'regarding a potential transaction involving an acquisition of Vodafone New Zealand'.
'The discussions with Vodafone and financiers are ongoing and incomplete, and may not result in a transaction occurring.'
Vodafone has been going through a major restructure of its New Zealand businesses ahead of a planned partial float on the stock market next year.
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It had been claimed that 400 jobs were to go, although the telecommunications company said the final number would be lower than that.
Neither Infratil nor Vodafone was willing to comment on the announcement.
Infratil is currently in a trading halt, which will expire on Tuesday.
Sam Trethewey, a portfolio manager at Milford Asset Management, said that could mean a 'busy weekend of negotiations' before an announcement early next week, or it could be that shares would start trading again without further detail beign revealed.
He said it appeared Infratil was in the advanced stages of negotiation with Vodafone and Brookfield.
He said it would be disappointing if it meant the Vodafone IPO was shelved.
'It would be disappointing to see that asset go into private hands as opposed to the public market.'