Auckland (29 March 2010) - The Guardians of New Zealand Superannuation today confirmed a $212.5 million investment to acquire in a 50:50 consortium with Infratil, the downstream assets of Shell New Zealand.

Infratil has made an announcement the acquisition and you can read an associated presentation here.

The Guardians’ General Manager, Private Markets, Matt Whineray, said that the acquisition was a good fit with the Guardians’ long-term investment horizon.

“The business has stable, long-term cashflows, there is considerable potential to add value over time and we acquired it for a good price,” Mr Whineray said. 

“We are pleased that, in investing to serve our purpose of reducing the tax burden on future New Zealanders of the cost of New Zealand Superannuation, we can contribute to creating a 100% New Zealand owned fuel distribution business.”

Ends

For more information please contact:

Brian Small,
BrianS@brg.co.nz, 021 362 730