Global investment management company First State Investments agreed to acquire Ultrafast Fibre, which owns and operates fibre networks, from WEL Networks and Waipa Networks for $519m. "The UFF sale enables WEL Networks to strengthen the core electricity business balance sheet, allowing us to pursue new opportunities and invest in innovative energy solutions in accordance with our business strategy. The investment in fibre has both delivered valuable infrastructure to our communities and proved a very successful investment for WEL," Rob Campbell, WEL Group Chairman.