Harmos Horton Lusk has advised TECT Holdings, a subsidiary of Tauranga-based TECT Community Trust, on the sale of its 4.92% shareholding in NZX/ASX-listed Contact Energy to NZX/ASX-listed Infratil Limited for $437.7 million. The purchase price was satisfied through a combination of $218.8 million in cash and the issuance of $218.8 million of new Infratil shares. The part payment of the purchase price in Infratil shares allows TECT to continue its 30+ year investment relationship with Infratil, having previously invested alongside Infratil in both Trustpower and Manawa Energy.
The Harmos Horton Lusk team who advised on the transaction was led by Greg Horton and Tim Mitchelson.