Harmos Horton Lusk advises The Power Company on acquisition of joint venture interests

Harmos Horton Lusk advised The Power Company Limited on its acquisition of the remaining joint venture interests in Lakeland Network Limited, the OtagoNet Joint Venture and PowerNet Limited from its joint venture partner, Electricity Invercargill Limited (a wholly owned subsidiary of the Invercargill City Council), for approximately $80 million.

Lakeland Network Limited owns the electricity network at Frankton in the Queenstown-Lakes area, along with embedded networks in Wanaka and Cromwell. The OtagoNet Joint Venture is the major electricity network services provider for most of Otago. PowerNet Limited is New Zealand’s fourth largest electricity management company, managing most of the electricity assets in southern New Zealand, including those of Lakeland Network Limited, the OtagoNet Joint Venture and Electricity Invercargill Limited.

The Harmos Horton Lusk team that advised on the transaction was led by director Tim Mitchelson and included associate Robbie Selbie.