Infratil expects offers for Australian energy assets by mid-July

Infratil, the energy, airport and transport investor, said it has provided interested parties with a confidential information memorandum on its Infratil Energy Australia (IEA) business and expects indicative offers for the assets by mid-July

The Wellington-based investor, which is managed by Morrison & Co, flagged with its results last month that it had started a review of the Lumo and Direct Connect Australia units of IEA to determine whether to sell the businesses.

Earnings at IEA fell to A$61 million in the year ended March 31, from A$80 million a year earlier, with the decline inflated by the effect of translating earnings back into a strong kiwi dollar.

Infratil’s shares last traded unchanged at $2.425 and have gained 6.8 percent this year.