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Chapman Tripp is pleased to announce its role as legal adviser to Powerco on its acquisition of Firstlight Network from Clarus Group’s owners, Igneo Infrastructure Partners.
The transaction marks a significant milestone for Powerco as it continues to strengthen and expand its electricity distribution network across New Zealand. Firstlight Network, which operates electricity lines in Tairāwhiti and Wairoa on the east coast of the North Island, will integrate with Powerco. This strategic move aligns with Powerco’s long-term vision to deliver reliable and resilient energy infrastructure to communities throughout the country.
The transaction is subject to Overseas Investment Office consent, as well as certain other commercial conditions.
Chapman Tripp provided comprehensive legal support, including due diligence, negotiation of transaction documentation, and advice on regulatory and transitional matters. The Chapman Tripp team was led by Partners Bradley Kidd and Tom Jemson, with support from Penny Kitto, Mitchell Souness, Daniella Schoefisch-Rebstock, Sarah Spicer and Emily Stewart. Specialist advice was provided by Tim Sherman, Emma Sutcliffe, Greg Wise, Vonda Engels and Guy Houghton-Jones.
“We are delighted to have supported Powerco on this important transaction, which will enhance its ability to provide essential electricity services to a broader base of New Zealand customers,” said Partner Tom Jemson.
Igneo Infrastructure Partners announced Powerco’s acquisition of Firstlight Network alongside the sale of Clarus’ gas distribution assets, including the First Gas network and Rockgas business, to Brookfield Asset Management.
Chapman Tripp congratulates Powerco and all parties involved, and looks forward to continuing to support the growth and evolution of New Zealand’s energy sector.
