Confirmed Sale of Contact Energy Shares
Monday 20 October 2025
Infratil announced to the NZX this morning, that it has agreed to purchase TECT’s 4.92% shareholding in Contact Energy Limited (Contact).
The purchase price of $437.7 million, or $8.95 per share, will see TECT receive a combination of $218.8 million in cash, and 17.6 million of new Infratil shares, priced at the $12.43 per share. The sale price represents a 0.7% discount to the 5 day average.
As you know, following the recent merger of Contact and Manawa Energy, TECT had received approximately $93.9 million in cash and 48.9M shares in Contact.
The Trustees believe this is a compelling transaction that will deliver significant value to, and have a positive impact on, our community. The increased liquidity as well as an exposure to a range of international and domestic infrastructure assets, will further diversify TECT’s investment portfolio.
TECT’s Chair, Mark Arundel, said:
“We’ve invested alongside Infratil in Trustpower & Manawa for more than 30 years and therefore have a long-standing history of working together. We know the Infratil team and their track record well, and we’re delighted to continue this relationship by becoming an Infratil shareholder and will benefit from diversification through their broader infrastructure portfolio.”
Infratil Chief Executive Jason Boyes said the transaction is a win-win for both parties.
“TECT’s decision to diversify created a natural opportunity for us to increase our investment in Contact. We appreciate TECT’s decision to remain invested in us through Infratil shares.”
For further information also see Infratil’s market announcement on the NZX at https://www.nzx.com/announcements/461007
Aquisition of Manawa Energy by Contact Energy
Wednesday 14 May 2025
TECT are pleased to share that last week the Commerce Commission granted Contact Energy clearance to acquire all shares in Manawa Energy.
The Scheme of Arrangement (Scheme) was announced in September last year and the next step will see Manawa hold a shareholder meeting to vote on the scheme.
TECT are a 26.8% shareholder of Manawa, formerly Trustpower, and this shareholding has been a core investment for the Trust since 1993.
Together with Infratil, a 51% shareholder of Manawa, TECT have committed to vote in favour of the Scheme at the upcoming shareholder meeting, subject to certain conditions.
Further information about the remaining steps and timeline will be outlined in the Scheme booklet, and released to NZX prior to the end of May (although this is subject to change) with the remaining conditions expected to be implemented in July 2025.
The Scheme is subject to several remaining conditions as set out in the Scheme Implementation Agreement. These include shareholder approval, High Court approval and other customary conditions. Subject to satisfying the remaining conditions of the Scheme Manawa expects that the Scheme will be implemented in July 2025.
Through this acquisition, TECT will become a shareholder in Contact, one of New Zealand’s leading energy companies, as well as receiving a cash payment.
TECT Chairperson Mark Arundel says this development allows TECT to further diversify its portfolio, building a strategic and sustained investment fund.
“Strengthening our portfolio enables long-term benefits to our community, ensuring we can continue to provide impactful, community-focused funding to our region now and for future generations.”
For further information on the acquisition and next steps, please see the NZX market announcements from Contact and Manawa Energy.
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