Infratil

Infratil Limited is a New Zealand-based infrastructure investment company. It owns airports, electricity generators, retailers and telecommunication networks, with operations in New Zealand and Australia and the US. Infratil was founded by the late Lloyd Morrison, a Wellington-based merchant banker. Morrison's company, H. R. L. Morrison & Co, is responsible for Infratil's management and administration.

Infratil Limited
TypePublic
NZX: IFT
IndustryElectricity generation
Electricity retailing
Renewable energy
Airports
Telecommunication
Data center
Founded1994; 27 years ago
HeadquartersWellington, New Zealand
Key people
Marko Bogoievski (CEO)
Mark Tume, Chairman
Phillippa Harford, CFO
Tim Brown, Investor Relations
Mark Flesher, Investor Relations
ParentH. R. L. Morrison & Co
Websiteinfratil.com

History

Infratil was one of the world's first listed infrastructure funds when it was established and listed on the New Zealand Exchange in 1994. Its first investment was a minority stake in Trustpower. It expanded into airport ownership in 1998 when it bought a 66% shareholding in Wellington Airport. Infratil was named Deloitte/Management Magazine Company of the Year in 2007.[1] From its founding in 1994 to 31 March 2018 Infratil delivered average annual returns of 16.6%.[2]

Investments

The following companies are either wholly or partially owned by Infratil.

Energy
  • Trustpower – 50.76%[3]
  • Tilt Renewables
  • Longroad Energy was founded in 2016, and is the reformulated team of First Wind, one of the most successful independent renewable energy development teams in the U.S. Infratil and New Zealand Superannuation Fund own 80% of the business while Longroad Energy Partners (LEP) an entity held by the Longroad executive team own the remaining 20%.

Former
  • Z Energy. On 29 March 2010 a consortium owned 50% by Infratil and 50% by the Guardians of New Zealand Superannuation executed a sale and purchase agreement for the acquisition of Shell New Zealand's distribution and retail businesses and 17.1% interest in the New Zealand Refining Company. The agreement was completed on 1 April 2010.[4] Initially named Greenstone Energy, it began to re-brand the service stations as Z in May 2011. Chief executive Mike Bennetts said that the cost of using the Shell brand, believed to be about NZ$10 million a year, was a factor in the decision.[5] Infratil sold the remaining 20% stake in Z Energy in September 2015.
  • Energy Developments Limited. A holding in Energy Developments Limited was sold into the takeover offer by Greenspark Power Holding Ltd for A$139.9 million in January 2010.[6]

Social infrastructure
  • RetireAustralia In December 2014 Infratil and its partner, the New Zealand Superannuation Fund, each acquired 50% of RetireAustralia, a retirement operator with headquarters in Brisbane, Australia and over 3600 independent living units and apartments across 28 villages in NSW, SA and QLD.
  • Infratil Infrastructure Property

Former
  • Metlifecare. On 25 October 2013 Infratil advised the NZX it was to acquire a 19.9% in Metlifecare New Zealand's second largest village and aged care operator. The agreement was completed on 28 November 2013. On 7 April 2017 Infratil sold its 19.91% holding via a block trade on the NZX.

Transport
Wellington Airport from Mt Victoria

Current

Former
  • Glasgow Prestwick Airport (sold to the Scottish government in November 2013)[9]
  • Manston Airport (sold to Ann Gloag in November 2013)[10]
  • Lübeck Airport Infratil exercised its put option in respect of its 90% shareholding and ownership has transferred to the City of Lübeck on 30 October 2009
  • NZ Bus – 100% ownership, purchased in 2005[11] from Stagecoach. As of 24 December 2018, Infratil is selling NZ Bus to Australian equity firm Next Capital, subject to a consenting process that completed in June 2019.[12]
  • Snapper Services Limited – 100% ownership through Infratil subsidiary Swift Transportation.

Data and connectivity
  • CDC Data Centres Infratil has a 48% shareholding alongside Commonwealth Superannuation Corporation (48%) and CDC's executive (4%) Data centres are facilities that house computer systems, networking, telecommunications and storage infrastructure, they are built with high-redundancy power supplies, environmental controls (e.g. cooling, fire suppression) and security systems.
  • Vodafone New Zealand 14 May 2019 Infratil announced that Brookfield Asset Management Inc. and it had executed a conditional agreement to acquire Vodafone New Zealand Limited from Vodafone Group Plc for an enterprise value of NZ$3.4 billion.

References
  1. "Deloitte/Management Magazine Company of the Year" (PDF). New Zealand Management. December 2007. Archived from the original (PDF) on 14 October 2008. Retrieved 29 June 2009.
  2. "Infratil Annual Report" (PDF). www.infratil.com. 26 May 2018. Retrieved 26 May 2018.
  3. "Shareholdings". app.companiesoffice.govt.nz.
  4. "NZX announcement". Archived from the original on 23 September 2010. Retrieved 3 May 2010.
  5. Rutherford, Hamish (11 May 2011). "Shell petrol stations to be renamed 'Z'". The Dominion Post. Retrieved 4 October 2011.
  6. "NZX announcement". Archived from the original on 21 June 2011. Retrieved 3 May 2010.
  7. "Shareholdings". app.companiesoffice.govt.nz.
  8. "Shareholdings". Business.govt.nz. Retrieved 9 May 2019.
  9. "Airport in £1 public ownership deal". 24 November 2013 – via www.bbc.co.uk.
  11. "Infratil acquires Stagecoach for $250m". National Business Review. 21 November 2005. Retrieved 29 June 2009.
  12. "Infratil sells NZ Bus to private equity buyers". Stuff.co.nz. 24 December 2018. Retrieved 24 December 2018.
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