New Zealand’s Tilt Renewables agrees to $2.1 billion takeover by consortium By Reuters

(Reuters) – New Zealand’s Tilt Renewables said on Monday it had agreed to be taken over by a consortium including its second-largest shareholder, AGL Energy and Australia’s sovereign wealth fund, for NZ$2.94 billion ($2.10 billion).

Shareholders in Tilt, which owns eight wind farms in Australia and New Zealand, will receive NZ$7.80 for every share, a 20.4% premium to the company’s share price at Friday’s close.

Powering Australian Renewables (PowAR), a partnership between AGL, investment manager QIC and the Future Fund will acquire Tilt’s Australian business, while 19.9% shareholder Mercury NZ will buy its New Zealand business.

Infratil Ltd, Tilt’s largest shareholder, and Mercury NZ have agreed to vote in favour of the deal, the company said.

The New Zealand-based energy and transport infrastructure investor said last month it had granted access to its books to a number of parties, after rejecting an offer from Australia’s largest pension fund in December last year.

($1 = 1.3974 New Zealand dollars)