Commerce Commission clears Manawa acquisition

7 May 2025

Commerce Commission clears Manawa acquisition

Contact Energy Limited (Contact) has received clearance from the New Zealand Commerce Commission (Commission) for the company’s proposed acquisition of Manawa Energy Limited (Manawa).

Contact Chair, Rob McDonald said the decision is a significant milestone.“The combination of Contact and Manawa is an important step for the New Zealand energy transition, providing greater ability to invest in future generation capacity, enhancing market security and ultimately contributing to reducing wholesale prices long-term.”

Contact announced in September 2024 it had entered a Scheme Implementation Agreement (SIA) to acquire 100% of Manawa under a court approved Scheme of Arrangement (Scheme). Implementation of the Scheme is subject to several remaining conditions as set out in detail in the SIA.

These include the receipt of an independent adviser’s report that concludes (and continues to conclude) the consideration is within or above the independent adviser’s valuation range. Conditions
also include the approval of the High Court, approval by Manawa shareholders at a special meeting of shareholders and other customary conditions.

Additional information about the Scheme, and a notice of the shareholder meeting, is expected to be provided by Manawa, to Manawa shareholders later this month.

Contact is targeting implementation of the Scheme in July 2025.

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Announcement PDF