Babcock & Brown Infrastructure has been given an extension to purchase the remaining interest in WestNet Rail it does not already own, as it finalises its $339 million sale of New Zealand gas utility PowerCo.
Babcock & Brown Infrastructure has been given an extension to purchase the remaining interest in WestNet Rail it does not already own, as it finalises its $339 million sale of New Zealand gas utility PowerCo.
BBI has until March next year to wrap up its $91 million purchase of the remaining 24 per cent interest in WestNet Rail from two groups including Babcock & Brown.
The original deadline for the WestNet purchase expired last Friday.
BBI said it will fund the WestNet acquisition from the combination of operating cash flows and proceeds from the sale of its 50 per cent interest in PowerCo, which has been delayed by regulatory approvals.
BBI has previously said it expects to complete the sale of PowerCo by the end of the first quarter next year.
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