TECT restructure condition satisfied
TECT restructure condition satisfied in Mercury’s
acquisition of Trustpower’s retail business
4 April 2022
- Mercury NZ Limited (Mercury) is pleased to confirm that the Tauranga Energy Consumer Trust
(TECT) restructure condition in its acquisition of Trustpower Limited’s (Trustpower) retail business has now been
satisfied.
The last substantial condition of the transaction was the restructure of TECT and the implementation of the
proposed amendments to its consumer trust deed. The restructure has now taken place with effect as of 1 April
2022.
Completion of the transaction is expected to take place on 1 May 2022.
Background
Mercury announced it had entered into binding agreements with Trustpower to acquire its retail business for
NZ$441 million on 21 June 2021. Once the transaction is complete, the combined business will have approximately
780,000 connections across both energy and telco services.
ENDS
Howard Thomas
General Counsel and Company Secretary
Mercury NZ Limited
For investor relations queries, please contact:
William Meek
Chief Financial Officer
0275 173 470
For media queries, please contact:
Shannon Goldstone
Head of Communications
Media phone: 027 210 5337
ABOUT MERCURY NZ LIMITED
Mercury’s mission is energy freedom. Our purpose is to inspire New Zealanders to enjoy energy in more wonderful ways and
our goal is to be New Zealand’s leading energy brand. We focus on our customers, our people, our partners and our country;
maintain a long-term view of sustainability; and promote wonderful choices. Mercury is energy made wonderful. Visit us at:
www.mercury.co.nz
STOCK EXCHANGE LISTINGS: NEW ZEALAND (MCY) / AUSTRALIA (MCY)
NEWS RELEASE
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- IFT — Infratil Limited: TPW retail business sale substantial conditions now met2022-04-04
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- IFT — Infratil Limited: Infratil 2022 Investor Day2022-02-14
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- IFT — Infratil Limited: Infratil Full Year Results for the year ended 31 March 20222022-05-18
“106 10.2 Trustpower Retail Business On 21 June 2021, Trustpower announced the conditional sale of its gas, telecommunications and retail electricity supply business (excluding the supply of electricity to commercial and industrial customers) to Mercury NZ Limited for $441.0 mi…”