NZ's Contact Energy to buy Manawa Energy for $1.1 bln (updated)

Contact Energy

10/09/2024 22:09

(Adds details of the deal from paragraph 2 onwards)
       Sept 11 (Reuters) - New Zealand's Contact Energy
 CEN.NZ  said on Wednesday it has entered an agreement to
acquire Manawa Energy  MNW.NZ  for NZ$1.86 billion ($1.14
billion).
    Manawa shareholders are expected to receive NZ$5.95 per
share in cash and stock, representing a 47.6% premium to the
company's last close, according to a statement.
        "Contact will retain various funding options post
implementation of the Scheme that mean it will be well-placed to
accelerate the progression of Manawa's development portfolio,"
Manawa's Chairman Deion Campbell said. 
  
        Contact will look to repay Manawa's debt facilities
after completion of the deal. 
  
        The two companies are targeting the implementation of
the scheme in the first half of 2025.
  
        Campbell will join the board of Contact following
implementation of the scheme.
  
        Manawa's 51% shareholder Infratil  IFT.NZ  extended its
support for the proposed acquisition in a separate statement.
  
    

($1 = 1.6260 New Zealand dollars)

 (Reporting by Sherin Sunny in Bengaluru; Editing by Alan
Barona)
 ((Sherin.Sunny@thomsonreuters.com))