Mercury NZ Limited confirmed that TECT restructure condition satisfied

Mercury NZ Limited (Mercury) is pleased to confirm that the Tauranga Energy Consumer Trust (TECT) restructure condition in its acquisition of Trustpower Limited’s (Trustpower) retail business has now been satisfied.

The last substantial condition of the transaction was the restructure of TECT and the implementation of the proposed amendments to its consumer trust deed. The restructure has now taken place with effect as of 1 April 2022.

Completion of the transaction is expected to take place on 1 May 2022.

Background

Mercury announced it had entered into binding agreements with Trustpower to acquire its retail business for NZ$441 million on 21 June 2021. Once the transaction is complete, the combined business will have approximately 780,000 connections across both energy and telco services.

ENDS

•  TECT restructure condition satisfied

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

February 20th Morning Report
SCL - Chief Financial Officer Transition
BLS - Strong YTD performance
CEN announces opening of NZ$75 million Retail Offer
AIA - 1H26 Interim Results
February 19th Morning Report
TWL - Share Purchase Plan Results
GMT revaluation, unit buyback and proposed structure update
Devon Funds Morning Note - 17 February 2026
CEN - Contact successfully completes NZ$450m Placement