Colonial First closes acquisition of NZ Maui Pipeline

Colonial First State Global Asset Management's (CFSGAM) managed infrastructure funds have completed the acquisition of Maui natural gas pipeline (MGP) in New Zealand from the joint venture made up Shell, Todd and OMV.

The transaction has been closed at a total cost of approximately NZ$335 million (US$319.5 million).

In early January, we reported that two infrastructure funds managed by CFSGAM, the Global Diversified Infrastructure Fund (GDIF) and the Colonial First State Active Infrastructure Income Fund (AIIF), had agreed to acquire MGP.

The pipeline, which was first built in the 1970s, transports gas from the Maui field, and accounts for about 78 per cent of New Zealand's natural gas production.