Infratil has reported a $NZ19.5 million full-year loss and entered a trading halt as it embarks on a $NZ400 million capital raising to fund its joint acquisition of Vodafone NZ.
Infratil and Canada's Brookfield Asset Management are buying New Zealand's largest mobile operator for NZ$3.4 billion, with Infratil part funding its stake with a fully underwritten NZ$100 million placement and $NZ300 million, one for 7.46 pro-rata accelerated renounceable entitlement offer.
The company said on Friday the halt is expected to be lifted on Tuesday May 21 barring an earlier announcement.
Infratil's ASX-listed shares were last trading at $4.25, up 42 per cent from $2.99 a year ago.
Both Infratil and Brookfield will contribute $1.03 billion to acquire Vodafone NZ, which will take on $1.34 billion of debt.
The deal remains conditional on regulatory approvals.
In 2017, NZ's competition watchdog blocked a merger between a divested Vodafone NZ and Sky TV.
Infratil also swung to a full-year loss on Friday as a result of higher capital expenditure it says will strengthen the infrastructure firm for the long term.
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