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Bell Gully Advises Contact Energy On Scheme Of Arrangement To Acquire Manawa Energy
Bell Gully is pleased to be advising Contact Energy (NZX Code: CEN) on its proposed acquisition of NZX-listed Manawa Energy (NZX Code: MNW), through a court-approved scheme of arrangement.
Contact has entered into a Scheme Implementation Agreement to acquire 100% of Manawa Energy, a renewable electricity generator which owns and operates 25 hydro schemes around New Zealand. Announcing the transaction, Contact said the acquisition will diversify Contact’s generation portfolio and provide different seasonal generation profiles which will help it to better manage dry year risk. It said the acquisition will also enhance Contact’s development capabilities, accelerating its strategy to grow renewable generation while decarbonising its portfolio.
Manawa has hydro assets that complement Contact’s own hydro portfolio, and over 1,200MW of geographically diversified, secured development options in wind and solar.
Under the scheme, Manawa shareholders will receive consideration valued at NZ$5.95 per Manawa share, implying an enterprise value of NZ$2.3 billion.
Subject to approval from New Zealand Commerce Commission and other conditions, implementation of the scheme is targeted for the first half of 2025.
"We're delighted to be supporting Contact in this important transaction," said Bell Gully partner, Amon Nunns. "It’s particularly satisfying to advise on a deal with the potential to support New Zealand’s energy transition, as it will leave Contact well-placed to accelerate renewable development opportunities.”
The Bell Gully team was led by corporate partners Amon Nunns and James Cooney, Glenn Shewan (competition) and Zac Kedgley-Foot (financing), assisted by senior associates, Lincoln Matthews, Kelsey Lindsay and Penny Pasley.
Cameron Partners Limited / Rothschild & Co and UBS New Zealand Limited are acting for Contact as Joint Financial Advisers. Manawa’s financial adviser is Lazard Australia and its legal adviser is Harmos Horton Lusk.
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