TPW retail business sale:All substantial conditions now met

GENERAL
Mon, Apr 04 2022 08:30 am

Trustpower (TPW) advises that all substantial conditions for the sale of its retail business to Mercury Limited (MCY) for $441million have now been met, with settlement expected to take place 1 May 2022.

The sale includes Trustpower’s existing retail contracts to supply electricity, gas, fixed and wireless broadband and mobile phone services. Trustpower has approximately 234,000 customers across New Zealand. The sale does not include any of Trustpower’s industrial or commercial electricity customers, nor any of its generation assets.

Upon successful completion of the sale, the generation and commercial sales business will be renamed Manawa Energy Limited (MNW).

Trustpower will provide a further announcement in mid-April containing key information on Manawa Energy including high level strategy, capital structure and dividend policy.

ENDS


Announcement PDF


Markets News

NZ sharemarket down 0.38%
Markets Market close

NZ sharemarket down 0.38%

The S&P/NZX 50 Index closed at the day’s low of 12,349.47, down 46.79 points or 0.38%.

Graham Skellern 26 Jul 2024
Markets

Forsyth Barr initiates full Turners coverage

Forsyth Barr says a premium valuation is now warranted. 

Rebecca Howard 26 Jul 2024
Forsyth Barr initiates full Turners coverage
Economy

The kiwi dollar is falling prey to the bears

The only worst performer is the Norwegian krone.

Rebecca Howard 26 Jul 2024
The kiwi dollar is falling prey to the bears