Russell McVeagh is pleased to be advising WEL Networks on the sale of its 85% stake in Ultrafast Fibre Holdings (UFF), as part of the sale of the entire business to First State Investments for $854 million.
Hamilton-based WEL Networks and joint owner, Waipa Networks, signed an agreement on 11 May to sell their shares in UFF, which owns Ultrafast Fibre Limited, which owns and operates fibre broadband in Hamilton, Tauranga, Whanganui, New Plymouth, Tokoroa, Hawera, Cambridge and Te Awamutu.
The sale of UFF is part of WEL Networks' strategy to increase investment in its core electricity network and new energy options. Corporate partner Mei Fern Johnson is leading the Russell McVeagh team advising WEL Networks, with support from Partner Tom Hunt, Special Counsel Gareth Worthington and Solicitor Breanna Morgan.
The sale remains subject to Overseas Investment Office approval and change of control clearance.
More information on the sale is available here.
For further information, please contact:
Joanna Comerford
Corporate Communications Manager
[email protected]
D +64 4 819 7520 or 027 911 8369