15 March 2021
Australian-New Zealand renewables developer Tilt Renewables is to be taken private after agreeing to joint $2.75 billion by the AGL Energy backed Powering Australian Renewables fund and New Zealand utility Mercury NZ.
Through the deal, the Tilt Renewables business will effectively be split up, with the Australian and New Zealand parts of the business, which are listed across the respective Australian and New Zealand stock exchanges, being acquired by different members of the takeover consortium
The takeover offer for Tilt’s Australian business has been launched by Powering Australian Renewables, a partnership between energy giant AGL Energy (20 per cent), Queensland government-owned investment group QIC (40 per cent) and the federal government’s Future Fund (40 per cent).
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(Reuters) - 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.
The deal was the first major piece of M&A activity in New Zealand this year, which comes amid a push from companies and investors for decarbonisation and a move towards clean, renewable energy.
Powering Australian Renewables (PowAR), a partnership between AGL, investment manager QIC and Australia s sovereign wealth fund, will buy Tilt s Australian business, while 19.9%-shareholder Mercury NZ Ltd will buy its New Zealand business.
David Brockwell walks between wind turbines during a routine inspection at the Infigen Energy wind farm located on the hills surrounding Lake George, 50 km north of the Australian capital city of Canberra May 13, 2013. Infigen Energy s Capital Windfarm, built five years ago, was a vanguard for wind power as Australia sought to wean itself from cheap fossil-fuel power in the face of climate shift blamed in part for Lake George s transformation to a vast plain. But big plans to expand the Infigen renewable energy project near Canberra and others like it have been put on hold awaiting the outcome of an election in September. The ballot, which opinion polls show the opposition conservatives winning, along with an economic slowdown and rising home energy bills have put the brakes on Australia s decade-long clean energy push. At stake in the Sept. 14 vote is a controversial carbon trading scheme championed by ruling Labor to curb greenhouse gas emissions, with a $20 billion pipeline in ren
ASX edges up 0.1pc as banks offset tech losses
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Australian shares managed to eke out a small gain at the start of the week as gains for financials and healthcare sector offset tech losses against another surge in bond yields.
The S&P/ASX 200 index rose just 0.1 per cent, or 6 points, to end the day at 6773.00.
On Wall Street on Friday, US shares diverged as the Dow Jones industrial index hit its fifth straight record and the S&P 500 ended slightly higher, but the Nasdaq fell.
The tech-heavy Nasdaq suffered after long-dated bond yields surged in the US on Friday. The yield on the benchmark 10-year note hit 1.642 per cent, the highest level since February 2020.