Deal: Global firm Ashurst has assisted Tilt Renewables in its cash acquisition by a consortium led by Powering Australian Renewables that will take ownership of its Australian business and Mercury NZ that will acquire its NZ business. 

Value: $2.1 billion. 

Area: M&A.

Key players: The team was led by partner John Brewster and Lynda Tully who were assisted by lawyers Cassandra Wee and Nik Lukic.  

Deal significance: PowAR and Mercury NZ have entered a scheme implementation agreement to acquire NZX and ASX-listed Tilt Renewables Ltd for NZ$7.80 per share in cash. AGL Limited, which created PowAR in 2016 in partnership with QIC and Future Fund, has a 20 per cent interest in PowAR. 

Under the terms of the transaction, subject to customary conditions, Infratil Ltd (Tilt’s largest shareholder) has agreed to vote its entire 65.5 per cent shareholding in Tilt Renewables in favour of the scheme. 

Mercury, Tilt Renewables’ second-largest shareholder, with a 19.92 per cent shareholding, has agreed to vote its entire shareholding in favour of the SIA.

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Mr Brewster commented: “We are pleased to have advised Tilt Renewables on this transaction that, if approved, will drive the growth of Tilt’s high-quality renewable energy platform, realising value for shareholders and accelerating world class renewable energy development in Australia and NZ under new ownership.”