NZ's Infratil planning to buy Metlifecare stake for NZ$148 mln

WELLINGTON Thu Oct 24, 2013 3:56pm EDT

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WELLINGTON Oct 25 (Reuters) - New Zealand infrastructure investor Infratil Ltd said it would buy a 19.9 percent stake in rest home operator Metlifecare Ltd for NZ$147.9 million ($123.4 million) as it plans to enter the fast-growing sector.

Infratil said it had entered into a conditional agreement to acquire the stake, which would be funded through existing debt. It added that it expected the deal to be settled on Nov. 28.

"The sector trends are very attractive, and Metlifecare represents a very good entry point for Infratil," Chief Executive Marko Bogoievski said in a statement.

Goldman Sachs is sub-underwriting the conditional agreement. ($1 = 1.1988 New Zealand dollars) (Reporting by Gyles Beckford; Editing by Anthony Barker)

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