June 7 (Reuters) - New Zealand's infrastructure investor Infratil (IFT.NZ) said on Wednesday it will acquire Canada's Brookfield Asset Management's (BAM.TO) stake in One New Zealand for NZ$1.8 billion ($1.1 billion) to strengthen its digital and renewable portfolio.
Infratil will have full control over the country's second biggest mobile market operator by market share after buying the 49.95% stake.
One New Zealand, previously known as Vodafone NZ, has 2.7 million connections of its mobile and broadband networks.
"Since acquiring One New Zealand with Brookfield in 2019, we have invested meaningful capital to support network expansion, including the roll-out of 5G, and are pleased to now assume full ownership of the business," said William Smales, chief investment officer at Morrison & Co, which manages Infratil.
($1 = 1.6466 New Zealand dollars)Reporting by Navya Mittal in Bengaluru; Editing by Chris Reese, Lisa Shumaker and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
Jason Boyes, William Smales, Navya Mittal, Chris Reese, Lisa Shumaker, Sherry Jacob, Phillips
NZ, Vodafone NZ, Morrison & Co, Zealand, Thomson
New Zealand, Zealand, Brookfield, Bengaluru