(Bloomberg) -- Australian Retirement Trust, the nation’s second-largest pension fund with more than A$300 billion ($203 billion) under management, has increased its stake in New Zealand’s energy distributor Powerco Ltd. to become the largest shareholder, according to a report in the Australian Financial Review.  

The deal will see ART acquire a 33% stake in the company, increasing its ownership to 58%, the report said. Dexus Group will still have a 42% holding in the New Zealand power firm.  

In January, Bloomberg revealed Queensland Investment Corporation was mulling the sale of its stake, which was later confirmed in April. 

Powerco declined to comment when contacted by Bloomberg, while ART did not immediately respond to a request for comment. Dexus said it couldn’t confirm the situation and QIC was unable to comment immediately on the report.

Powerco supplies electricity and gas to more than 900,000 customers across New Zealand’s North Island, according to its website. QIC first invested in the firm in 2009.

--With assistance from Shirley Zhao and Ainsley Thomson.

©2024 Bloomberg L.P.