Contact Energy completes acquisition of Manawa Energy
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The news: New Zealand utility company Contact Energy has completed the conditions of its scheme implementation agreement (SIA) to acquire 100% of rival Manawa Energy.
The numbers: Manawa shareholders will receive $1.12 in cash and 0.5830 of new Contact shares per Manawa share.
Infrastructure investment company Infratil, which owned 51% of Manawa, now has a 9.5% interest in Contact Energy.
The context: Now that the acquisition is complete, Manawa’s six board directors will resign and been replaced by four new directors from Contact. However, Manawa chair Deion Campbell has joined the board of Contact.
The SIA for Contact to acquire Manawa was entered into on 11 September 2024.
The deal received clearance from the New Zealand Commerce Commission in May 2025 and was approved by Manawa shareholders in June.
Manawa bond holders will be provided with further information on how to undertake the bond redemption process on 14 July.
The bond announcement will be made under Manawa’s ticker on the New Zealand stock exchange. It is no-longer quoted on the NZX main board and is now a debt-only issuer.
