Australia’s Powering Australian Renewables, a consortium consisting of AGL Energy and Queensland Investment Corp., has agreed to acquire Tilt Renewables in a $2.10 billion share offer, according to reports.
As part of the deal, Mercury NZ, which owns 19.9 percent of Tilt, will also acquire Tilt’s New Zealand windfarms. The transaction will return NZ$7.80 ($5.60) per share to shareholders.
Infratil Ltd., Tilt’s largest shareholder, is expected to reap $1.4 billion from the sale of its 65 percent stake in the company, reports Bloomberg. AGL Energy is the second-largest shareholder in Tilt, behind Infratil.
“We are very pleased with the outcome of the strategic review, which involved an extensive outreach program to identify potential bidders around the world, followed by a highly competitive auction process run by Tilt,” said Jason Boyes, incoming CEO of Infratil. “We believe the price offered by PowAR and Mercury represents compellin
