Commerce commission approves Contact Energy's acquisition of Manawa Energy

Manawa Energy [NZX:MNW] announced today that the New Zealand Commerce Commission has granted Contact Energy clearance to acquire all of Manawa's shares under the Scheme of Arrangement, initially announced on September 11, 2024. As a result, Manawa will proceed with a shareholder meeting to allow shareholders to vote on the proposed scheme. The company anticipates that a scheme booklet, containing a notice of the meeting, explanatory information and an independent advisor's report, will be released to the NZX before the end of May. Manawa's two largest shareholders, holding 77.9% of the company's shares, have already agreed to vote in favor. Subject to fulfilling customary conditions, Manawa expects the scheme to be implemented in July 2025. Manawa Energy is Aotearoa New Zealand’s largest independent electricity generator and renewables developer, with 26 power schemes and a total installed capacity of 510 megawatts.