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Infratil and Stagecoach New Zealand

21 Nov 2005

Infratil is pleased to announce that its agreement with Stagecoach Group plc with respect to acquiring its New Zealand bus and ferry business is now unconditional.

The purchase price is NZ$250.5 million and completion is scheduled for 29 November 2005.

David Newman, Chairman of Infratil said:

"We are delighted to announce that this purchase is proceeding. Stagecoach New Zealand is an important part of the infrastructure of New Zealand. It is a well run business with significant potential."

Further information is provided on Infratil's website

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