Mercury cleared to buy Trustpower

28 Sep 2021

New Zealand’s Commerce Commission has granted clearance for Mercury NZ to acquire rival electricity generator and vendor Trustpower’s retail business, including the firm’s existing contracts to supply electricity, gas, fixed and wireless broadband and mobile phone services. Trustpower has approximately 234,000 customers across New Zealand, including 114,000 telecommunications connections.

Regulatory clearance was one of three key conditions of the NZD441 million (USD309 million) deal announced in June this year. The other two conditions included Trustpower shareholder approval which was granted at its Annual Shareholder meeting on 22 September 2021, and the completion of the proposed restructure of cornerstone shareholder Tauranga Energy Consumer Trust (TECT) which is subject to a High Court hearing scheduled for 15-17 November 2021.

New Zealand, Trustpower