Market Close: $3b takeover offer for Tilt Renewables adds spice to local sharemarket nzherald.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nzherald.co.nz Daily Mail and Mail on Sunday newspapers.
New Zealand's Tilt Renewables Ltd said on Monday it would be acquired by a consortium including its second-largest shareholder and Australia's AGL Energy Ltd for NZ$2.94 billion ($2.10 billion), sending its shares to an all-time high.
Tilt Renewables agrees to $2 1 bln deal in biggest NZ M&A this year marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
AGLâs $2.7b Tilt deal shows keen renewables appetite
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The $NZ2.96 billion ($2.7 billion) price tag paid by AGL Energyâs renewable energy fund and Mercury NZ to snare Tilt Renewables against competition from multiple rivals is evidence of keen appetite for renewable energy M&A in the growing market, says stockbroker Morgans.
Powering Australian Renewables (PowAR), which is 20 per cent owned by AGL alongside partners QIC and the Future Fund, and Mercury will pay $NZ7.80 per share in cash for Tilt, which owns operating wind farms in Australia and New Zealand as well as a large and varied range of undeveloped projects.