Deutsche, Craigs get the nod for SOE privatisation work

Genesis Energy's Huntly Power Station - one of the assets that may soon be partially owned by private investors. Photo / Christine Cornege.

Treasury has announced that Deutsche Bank and Craigs Investment Partners have been appointed as "Crown Financial Advisor" for the job of preparing State Owned Enterprises for partial privatisation.

"We are pleased to be working with Deutsche Bank and Craigs Investment Partners who were selected after a rigorous assessment process from a strong line up of credible candidates," said Treasury general manager John Crawford.

While it has begun preparatory work on the sales, the National-led government doesn't intend putting the assets on the market until after the general election this year, giving it a stronger electoral mandate.

It plans to sell as much as 49 per cent of Meridian, Genesis, Mighty River and Solid Energy and reduce its holding in the airline, which currently sits at about 75 per cent.

Craigs is 49 per cent owned by Deutsche.

Deutsche Bank and Craigs Investment Partners will provide "advisory and project management services", starting immediately, said Treasury.

This contract period will end before the November general election.

Treasury says it expects to issue a Request for Proposal (RFP) in the next few days for scoping studies.


- WITH BUSINESSDESK