The New Zealand company Infratil Limited has entered into an agreement with TECT Holdings to acquire a 4.92% stake in Contact Energy Limited for $261.5 million. As part of the deal, Infratil increased its stake in Contact Energy to 14.3%.This is reported in a press release from Infratil.
The financing of the transaction, worth 437.7 million New Zealand dollars, involves the use of a credit facility in the amount of 218.8 million New Zealand dollars and the issuance of new Infratil shares in the amount of 218.8 million New Zealand dollars at a price of 12.43 New Zealand dollars per share.
Upon completion of the transaction, TECT will become a shareholder of Infratil, diversifying investments and abandoning investments in one energy asset. 18 million new Infratil shares issued in favor of TECT will be in voluntary deposit until October 22, 2026, limiting the sale on the market.
Infratil (Infratil Limited) is a New Zealand infrastructure investment company. The company owns assets in the renewable energy sector, digital infrastructure, airports and healthcare. The headquarters is located in Wellington (New Zealand) with offices in Australia, Asia, the USA and Europe.
Contact Energy Limited is a New Zealand company for the production and sale of electricity and natural gas. Contact is the second largest electricity generation company in New Zealand. The headquarters is located in Wellington (New Zealand).
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