Contact Energy to Acquire Manawa Energy for NZ$5.95 Per Share

MT Newswires Live09-11

Contact Energy (NZE:CEN, ASX:CEN) agreed to acquire renewable electricity generator Manawa Energy (NZE:MNW) via a scheme of arrangement for NZ$5.95 per share, according to a Wednesday filing with the New Zealand bourse.

The offer involves 0.5719 Contact shares and NZ$1.16 per Manawa share in cash.

Manawa shareholders are expected to have around 18.5% stake in Contact Energy if the scheme is successful, the filing stated. Major Manawa shareholders Infratil (NZE:IFT, ASX:IFT) and TECT Holdings, collectively 77.9% shareholders, have committed to vote in favor of the scheme.

Combining the businesses will accelerate renewable development opportunities and support New Zealand's energy transition, according to the filing. Manawa has around 500 megawatts (MW) of generation capacity and more than 1,200 MW of wind and solar development options.

Scheme implementation is subject to several conditions, including New Zealand Commerce Commission approval, receipt of an independent adviser's report, and High Court and Manawa shareholder approvals.

Contact Energy expects the scheme to take effect in the first half of 2025.

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