KEY POINTS:
Utilities investor Infratil is selling 12.35 million TrustPower Ltd shares at $7.00 per share in a placement organised by ABN Amro.
The shares are part of the stake in TrustPower Infratil is purchasing from Alliant Energy New Zealand Ltd (AENZ). They have been sold conditionally via a book build.
Infratil had previously signalled it would sell down around 4 per cent of TrustPower to increase liquidity in the stock.
The sale, together with an exercise of the option held by the Tauranga Energy Consumer Trust to acquire 4.4 per cent of AENZ's TrustPower shares, will leave Infratil with a 50.5 per cent shareholding in TrustPower.
Infratil said the sale of the 12.35 million shares remained subject to conditions of the AENZ purchase, which is due to settle on December 29. The placement will occur on January 3.
Having over 50 per cent of TrustPower will allow Infratil to consolidate it into its balance sheet.
Infratil announced in October that it was buying Alliant Energy's 24 per cent stake in TrustPower, the country's fifth-largest power company. It already owned 35.2 per cent.
- NZPA
