Commerce Commission release on acquisition of Vodafone NZ

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com




31 May 2019



Commerce Commission release on Infratil’s acquisition of Vodafone New Zealand


On 14 May 2019 Infratil announced that it had executed a conditional agreement to acquire c.50% of
Vodafone New Zealand Limited (Vodafone NZ) from Vodafone Group Plc for an enterprise value of
NZ$3.4 billion (the Acquisition). As noted in that announcement, completion of the Acquisition is
conditional on Overseas Investment Office approvals and Commerce Commission clearance (with
fallback divestment provisions if clearance is not obtained).

The Commerce Commission has released its Statement of Preliminary Issues on Infratil’s application
for clearance. This is a normal part of progressing the clearance process. The preliminary issues
raised are in line with Infratil’s expectations, and Infratil continues to believe that there are very strong
reasons for clearance to be granted. These reasons are outlined in more detail in Infratil’s clearance
application, a public version of which is also available on the Commerce Commission’s website.


Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com