On June 15, 2023, Infratil announced the completion of its previously announced agreement with Brookfield Asset Management Ltd.

Under the agreement, Infratil has acquired Brookfield’s 49.95 percent stake in One New Zealand, the country's second-biggest mobile company, in a deal valued at approximately $1.5 billion (NZ$1.8 billion).

The deal increased Infratil's ownership of One NZ from 49.95 percent to 99.90 percent.

Buddle Findlay acted as legal advisors to Infratil with a team led by Nick Bragg and Sarah McEwan.

Bell Gully acted as legal advisors to Brookfield with a team led by Anna Buchly and James Gibson.