Mercury and PowAR bump up Tilt offer to ensure exclusivity

Infratil – which owns 65.5% of Tilt – has backed the move.

Mon, 19 Apr 2021

Mercury NZ and Powering Australian Renewables have bumped up their offer for Tilt Renewables in exchange for exclusivity.Under the revised share implementation agreement (SIA), PowAR will acquire all the shares of Tilt – including Mercury’s shares – for $8.10 per share (previously $7.80) for a total consideration of $3.07 billion. Mercury has a 19.9% stake in Tilt.Mercury will acquire all of Tilt’s New Zealand operations, including its future development options, for an enterprise valuation of $797 million (previously $7...

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