Contact Energy has announced its proposed acquisition of Manawa Energy, a renewable electricity generator.
Under the agreement, which is subject to New Zealand Commerce Commission approval, Contact would acquire 100% of Manawa under a court-approved scheme of arrangement.
The acquisition is expected to enhance Contact's renewable generation strategy and position the company to take advantage of development opportunities in the sector.
It would also result in a more diversified and efficient Contact business, with complementary hydro assets.
Major Manawa shareholders, Infratil and TECT Holdings, have already committed to vote in favour of the scheme.
The transaction is targeted for implementation in the first half of 2025.
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