Shares surge on Infratil's $3b Tilt sale
The S&P/NZX 50 Index rose 165.49 points, or 1.3 percent, to 12,592.26. Within the index, 35 stocks rose, 11 fell and five were unchanged. Turnover was $145.5 million.
In February, Infratil’s senior management told investors it was “crystal clear” that refusing AustraliaSuper’s $5.7b takeover bid put them “on the hook” to prove its portfolio had unrecognised value.
Today, they made good on that promise with the sale of Infratil’s 65% stake in Tilt Renewables for $1.93 billion – that’s double the value of the asset prior to the strategic review.
Jeremy Sullivan, an investment advisor at Hamilton Hindin Greene, said the price went some way to proving the value of Infratil’s portfolio.
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