AustralianSuper on Tuesday announced an offer to acquire Wellington, New Zealand-based infrastructure developer and asset manager Infratil Ltd.
The A$190 billion ($140.2 billion) Melbourne-based industry fund said in a news release it has submitted an "indicative, non-binding proposal by way of a scheme of arrangement" to acquire all of the shares of Infratil, which is listed on the New Zealand Stock Exchange.
The total consideration offered, at NZ$7.43 ($5.21) per Infratil share, represents a 28.1% premium on Infratil's closing share price on Dec. 4 of NZ$5.80, the news release said.
Infratil's shares closed at NZ$6.08 on Tuesday, up 2.36%.
Nik Kemp, AustralianSuper's head of infrastructure, said in the release that AustralianSuper, with a A$20 billion portfolio of infrastructure assets around the globe, is attracted to Infratil's portfolio of infrastructure assets in New Zealand and Australia. He said AustralianSuper will seek "engagement with the board of Infratil to afford Infratil shareholders the opportunity to assess our proposal in full."
An Infratil spokesman couldn't be reached for comment.