AMP Capital offered to buy 42% stake in New Zealand's second largest gas and electric distributor, Power Co Ltd.  The offer made was for NZ$525 Million, which is approximately US$408 million. 

Power Co Ltd, based in New Zealand is owned by Brookfield Infrastructure Partners LP (BIP).

The offer was subjected for approval from the New Zealand's Overseas Investment Office and is expected to reach a decision by the end of the year.

AMP Capital Head of Infrastructure, Scott Davies, said in a statement, "The strength of the Powerco business and the New Zealand economy makes this an attractive investment for our managed funds and clients. This transaction offers them exposure to a geographically diversified, quality asset."

AMP Capital heads the investment in behalf of several clients and funds including the AMP Capital Core Infrastructure Fund (AMPCINF) and the AMP Capital Infrastructure Equity Fund.

Power Co. controls 16% of New Zealand's electric connections and at least 40% of its gas connections and supplies an average of 420,000 consumers in the North Islands of New Zealand.