NEW ZEALAND - The New Zealand Superannuation fund invested NZ$212.5m (US$150.8m) in the local downstream assets of Shell through a 50/50 consortium with infrastructure investor Infratil.
The transaction involves Shell New Zealand's distribution and retail businesses and a 17.1% interest in the oil giant's New Zealand Refining Company.
The NZ Superannuation Guardians' general manager of private markets Matt Whineray said the acquisition was a good fit with the scheme's long-term investment horizon.
He added: "The business has stable, long-term cash flows, there is considerable potential to add value over time and we acquired it for a good price.
"We are pleased that, in investing to serve our purpose of reducing the tax burden on future New Zealanders of the cost of New Zealand Superannuation, we can contribute to creating a 100% New Zealand owned fuel distribution business."
The agreement is scheduled to complete on April 1. In addition to Shell's retail network, the acquisition includes NZ-wide distribution, storage, marine and aviation assets; the rights to use the Shell retail brand; a 25% share in Loyalty New Zealand and the ongoing supply of Shell fuels and products.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.