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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.
AGL seals $2.7b wind power deal to help âorderlyâ shift away from coal
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A consortium involving AGL and Australiaâs Future Fund has sealed a $2.7 billion takeover deal for wind farm operator Tilt Renewables as top power providers accelerate the shift away from coal.
Powering Australian Renewables (PowAR) â a partnership including AGL, the Future Fund and Queensland Investment Corporationâ will acquire Tiltâs Australian operations. New Zealandâs Mercury Energy will buy its wind farms across the Tasman.
ASX-listed Tilt Renwables runs wind farms across Australia and New Zealand.
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.