Ashurst advises Tilt Renewables on a A$2.1 billion acquisition by PowAR and Mercury

PowAR and Mercury have entered a Scheme Implementation Agreement (SIA) to acquire NZX and ASX-listed Tilt Renewables Ltd for NZ$7.80 per share in cash, representing a market value of NZ$2.96 billion. AGL Energy Limited, which created PowAR in 2016 in partnership with QIC and Future Fund, has a 20% interest in PowAR.

Under the terms of the transaction, subject to customary conditions, Infratil Ltd (Tilt's largest shareholder) has agreed to vote its entire 65.5% shareholding in Tilt Renewables in favour of the Scheme. Mercury, Tilt Renewables’ second largest shareholder, with a 19.92% shareholding, has agreed to vote its entire shareholding in favour of the SIA. 

Ashurst advised Tilt Renewables on this transaction, which followed a competitive sale process during which the wind and solar company received multiple binding proposals to acquire the company. 

Partner John Brewster commented:

“We are pleased to have advised Tilt Renewables on this A$2.1 billion transaction that (reported to be the largest ever renewables transaction in Australia/New Zealand), if approved, will drive the growth of Tilt's high-quality renewable energy platform, realising value for shareholders and accelerating world class renewable energy development in Australia and New Zealand under new ownership."

The Ashurst team was led by partner John Brewster and Lynda Tully, and assisted by lawyers Cassandra Wee (Counsel) and Nik Lukic (lawyer).