TPW retail business sale substantial conditions now met
Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com
4 April 2022
Trustpower retail business sale – all substantial conditions now met
Trustpower Limited (Trustpower), in which Infratil is a 51% shareholder, today announced that
all substantial conditions for the sale of its retail business to Mercury Limited have now been met,
with settlement expected to take place on 1 May 2022.
A copy of the Trustpower release is attached.
Any enquiries should be directed to:
Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com
---
NZX Release
Monday 4 April 2022
Trustpower retail business sale - all substantial conditions now met
Trustpower (TPW) advises that all substantial conditions for the sale of its retail business to Mercury
Limited (MCY) for $441million have now been met, with settlement expected to take place 1 May
2022.
The sale includes Trustpower’s existing retail contracts to supply electricity, gas, fixed and wireless
broadband and mobile phone services. Trustpower has approximately 234,000 customers across
New Zealand. The sale does not include any of Trustpower’s industrial or commercial electricity
customers, nor any of its generation assets.
Upon successful completion of the sale, the generation and commercial sales business will be
renamed Manawa Energy Limited (MNW).
Trustpower will provide a further announcement in mid-April containing key information on
Manawa Energy including high level strategy, capital structure and dividend policy.
ENDS
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.
- MCY — Mercury NZ Limited: Trustpower retail acquisition unconditional2022-05-01
“STOCK EXCHANGE LISTINGS: NZX (MCY)/ ASX (MCY) NEWS RELEASE Mercury’s acquisition of Trustpower’s retail business now unconditional; completion expected today 2 May 2022 – Mercury NZ Limited’s acquisition of Trustpower Limited’s retail business for the final acquisitio…”
- MCY — Mercury NZ Limited: TECT restructure condition satisfied2022-04-03
“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 (Tru…”
- MCY — Mercury NZ Limited: Results reflect significant change within half year2022-02-21
“Results reflect significant business change within half year HY22 Financial Results Summary HY2022 HY2021 Change % EBITDAF ($M) 242 290 -17 NET PROFIT AFTER TAX ($M) 427 130 228 UNDERLYING EARNINGS AFTER TAX ($M) 89 115 -23 STAY-IN-BUSINESS CAPITAL EXPENDITURE ($M) 20 23 -…”