Company News

BUZZ-New Zealand's Infratil drops on Vodafone deal

** Infratil Ltd drops 6.1% to NZ$4.32, its biggest one-day fall in 5-1/2 yrs after agreeing to buy Vodafone Group Plc’s New Zealand business as part of a consortium

** The utilities investor and Canada’s Brookfield Asset Management Inc value Vodafone NZ at NZ$3.4 bln ($2.23 bln)

** Infratil, which has a market value of about $1.70 bln, will contribute NZ$1.03 bln to the deal

** It will also raise up to NZ$400 mln through a fully underwritten equity raise directed mostly to existing shareholders, and the remainder through debt

** Infratil shares have been on a trading halt since Friday, when it confirmed media reports that it was in talks with Vodafone over the deal

** Deal subject to regulatory approval; Infratil confident of clearance

** Stock hits near two-week low ($1 = 1.5225 New Zealand dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru)