Utilities and airport investor Infratil Ltd. (IFT.NZ) and the New Zealand Superannuation Fund said Monday they have executed a sale and purchase agreement for Shell New Zealand's distribution and retail business and a 17.1% stake in the New Zealand Refining Company (NZR.NZ).

The base purchase price is NZ$696.5 million plus an adjustment for actual net working capital in excess of NZ$208 million at settlement date.

Total equity provided by Infratil and the NZ Superannuation fund will amount to NZ$420 million, with the balance of the purchase to be bank funded.

Along with the stake in NZ Refining, the purchase also includes NZ-wide distribution, storage, marine and aviation assets, the rights to use the Shell retail brand, a 25% share in Loyalty New Zealand and the ongoing supply of Shell Fuels and products.

Shell New Zealand is a unit of Royal Dutch Shell PLC (RDSA).

-By Rebecca Howard, Dow Jones Newswires; 64-4-471-5990; rebecca.howard@dowjones.com

 
 
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