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Home / Bay of Plenty Times

Trustpower to become Manawa on Thursday

NZ Herald
1 May, 2022 10:19 PM2 mins to read

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The company's NZX ticker code will change from TPW to MNW. Photo / File

The company's NZX ticker code will change from TPW to MNW. Photo / File

Tauranga-based power generator Trustpower is to become Manawa Energy from Thursday, the company said.

The company's NZX ticker code will change from TPW to MNW.

In a separate statement, Trustpower said the sale of its gas, telecommunications and retail electricity supply business to Mercury NZ is due to go through today.

Post sale, Trustpower/Manawa will comprise the company's power generation and commercial and industrial retail business.

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The final sale price of $467 million is made up of an underlying price of $426m and a $41m payment for estimated working capital.

The working capital value does not include "accounts payable as at completion", which will be retained by Trustpower.

After settling all working capital balances Trustpower expects to receive net proceeds from sale between $432m to $442m.

Details of Manawa's full-year results are due out on May 16.

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Mercury said the combined business will have about 787,000 connections, creating New Zealand's leading multi-product utilities retail business.

Chief executive Vince Hawksworth said the acquisition would enable Mercury to accelerate its retail strategy, delivering the right product mix and enhanced value for customers on a faster trajectory.

"Going from a dual utility provider to a truly multi-product retailer adds material value for our customers in terms of convenience, cost efficiencies and the delivery of innovative and exciting products," Hawksworth said.

"Multi-product bundling is a market where Trustpower has had great success and we know nearly half of Mercury customers like the idea of having a single utility provider," he said.

Mercury initially announced it had entered into binding agreements with Trustpower to acquire its retail business in June last year.

The transaction was conditional on several matters, including Commerce Commission clearance, completion of the proposed restructure of Tauranga Energy Consumer Trust and Trustpower shareholder approval.

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