Igneo Infrastructure Partners’ Firstgas has acquired Eastland Network from Eastland Group and its sole shareholder Trust Tairāwhiti for $260 million.
Located in New Zealand, Eastland Network is the electricity lines company for Tairāwhiti and Wairoa, delivering power to nearly 26,000 customers across 12,000 square kilometers (4,633 square miles).
Igneo Infrastructure Partners, part of the First Sentier Investors Group, is one of the leading infrastructure asset managers worldwide. Its investments in New Zealand include Tuatahi First Fibre, along with Firstgas and Waste Management New Zealand.
Eastland Group will split the proceeds from the sale with Trust Tairāwhiti, which will receive $80 million (made up of a return of $30 million of capital notes and a special distribution of $50 million). Eastland Group will retain the balance.
“Firstgas Group’s expertise is in the management and operation of regulated utilities,” said Paul Goodeve, CEO of