Infratil boosts Contact stake, broadens infrastructure portfolio

Infratil Limited has agreed to acquire TECT Holdings' 4.92% shareholding in Contact Energy Limited for $437.7 million, or $8.95 per share. The purchase will be funded through a combination of $218.8 million in existing debt capacity and the issuance of $218.8 million of new Infratil shares to TECT at $12.43 per share, based on the NZX closing price on October 17, 2025.

This acquisition will increase Infratil's shareholding in Contact to 14.3%, up from 9.4% following the recent merger of Contact and Manawa Energy. Infratil had previously sold its 51% stake in Manawa Energy to Contact in July 2025 for approximately NZ$186 million in cash and its current shareholding in Contact.

Infratil chief executive Jason Boyes stated that the transaction is a "win-win" for both parties, allowing Infratil to increase its investment in a cashflow-generating business. TECT's chief executive, Wayne Werder, highlighted their long-standing history with Infratil and expressed delight in continuing the relationship as an Infratil shareholder, benefiting from diversification through Infratil's broader infrastructure portfolio.