You are using an older browser version. Please use a supported version for the best MSN experience.

Infratil's Canberra buy delayed

NZ NewswireNZ Newswire 11/07/2016 Edwin Mitson

Infratil's planned purchase of a 48 per cent stake in Canberra Data Centres has been delayed due to the uncertainty generated by the outcome of the Australian federal election.

In a statement to the NZX, chief executive Marko Bogoievski said the $A392 million ($NZ407m) transaction had been due to complete late in July.

However, the time taken to form a government had led to longer than expected timeframes for obtaining approval from the country's Foreign Investment Review Board.

The infrastructure investor announced the purchase on May 19. It's teaming up with the Australian government pension fund provider Commonwealth Superannuation Corp to buy the data centre business.

Commonwealth Superannuation Corp will also hold 48 per cent of CDC, with the remaining 4 per cent held by the data centre company's executive.

Investors have now been told the transaction is due to complete late next month.

Infratil shares fell 0.3 per cent to $3.26, and have slipped 0.2 per cent since the start of the year.

image beaconimage beaconimage beacon