Harmos Horton Lusk advises Manawa on NZ$1.86 billion takeover by scheme of arrangement

Harmos Horton Lusk is advising NZX listed Manawa Energy Limited on Contact Energy Limited’s proposal to acquire Manawa by a scheme of arrangement. The proposed scheme values Manawa’s equity at NZ$1.86 billion and is expected to be implemented in the first half of 2025, subject to the satisfaction of various conditions, including shareholder approval, High Court approval and New Zealand Commerce Commission clearance. The scheme consideration is a mix of cash and new shares in Contact, making the transaction the first scrip-for-scrip takeover by scheme in New Zealand.

Manawa is New Zealand’s largest independent electricity generator and renewables developer. It has 26 power schemes throughout New Zealand and supplies approximately 650 commercial and industrial customers. Contact is an electricity generator and wholesaler and retailer of electricity, natural gas, broadband and mobile services.

The Harmos Horton Lusk team advising Manawa is led by directors Nathanael Starrenburg and Annie Steel and includes senior associate Matthew Wentz and associates Anthony Ellis and Kelsey Haub.