Mercury NZ snaps up 19.99% in Tilt Renewables

Company News

by Anna Napoli

Mercury NZ (ASX:MCY) has inked a deal with Tauranga Electricty Consumer Trust to acquire a 19.99 per cent stake in Tilt Renewables.

The consideration for the transaction is $2.30 per share.

Mercury has also secured an option to acquire the remaining 6.8 per cent of Tilt shares held by TECT.

The company says Tilt is an established business operating power plants in a growing renewables market, with a portfolio of wind farms in Australia and New Zealand.

Shares in Mercury (ASX:MCY)  closed down 3.32 per cent to $2.91 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.