Citi investment banker Nick Forster is taking on a new role across the Tasman where he will help to generate more deal flow there for the American financial.
Mr Forster will work at Citi in New Zealand while remaining managing director and head of infrastructure and utilities for Australia and New Zealand. He is also expected to soon take on a wider remit.
After working for eight years at Goldman Sachs where he was a managing director and head of Australian investment banking for infrastructure, Mr Forster joined Citi in 2017.
He has recently been working on the sale of the government’s interest in the WestConnex Sydney motorway project that is expected to sell for about $10bn.
His new role coincides with the bidding war launched by AustralianSuper for one of New Zealand’s most valuable infrastructure funds Infratil.
The Australian fund has offered NZ$5.4bn for the business, but the board rejected the proposal.
Infratil, which is also listed in Australia, is a major investor in Australian infrastructure and owns airports, electricity generators, retailers and telecommunication networks, with operations also in New Zealand and the US.
The company is managed by Morrison & Co.
It owns Vodafone New Zealand and recently acquired an interest in Australian healthcare business Qscan from private equity firm Quadrant in a deal valuing the business at $730m.
Infratil also owns an interest in the Canberra Data Centres business.
Among Infratil’s other assets is a 50.76 per cent stake in New Zealand power company Trustpower, a 60 per cent interest in renewable energy business Tilt Renewables, which is listed in Australia and New Zealand, and renewable energy business Longroad Energy Partners.
Tilt Renewables has hired Goldman Sachs for a potential sale of its Infratil stake.
First round bids for the interest are due on Friday January 22.
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