News: Prime Infrastructure announces merger and F

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Prime Infrastructure Group (ASX:PIH) has recorded an annual net loss of $929 million, and also says it will merge with US owned Brookfield Infrastructure Partners.

The company posted a 6.7 per cent fall in revenue to $499 million for the twelve months to June 30.

Earnings before interest, tax, depreciation and amortisation from continuing operations also decreased to $138 million, down from $165 million the year before.

The company says the lower result was impacted by writedowns and losses regarding the recapitalisation of Prime Infrastructure.

Prime has also today announced that it has entered into a merger agreement with Brookfield Infrastructure Partners to create a infrastructure company with market capitalisation in excess of $2.82 billion.