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(Reuters) - New Zealand s Tilt Renewables Ltd said on Monday it would be acquired by a consortium including its second-largest shareholder and Australia s AGL Energy Ltd for NZ$2.94 billion ($2.10 billion), sending its shares to an all-time high.
The deal was the first major piece of M&A activity in New Zealand this year, which comes amid a push from companies and investors for decarbonisation and a move towards clean, renewable energy.
Powering Australian Renewables (PowAR), a partnership between AGL, investment manager QIC and Australia s sovereign wealth fund, will buy Tilt s Australian business, while 19.9%-shareholder Mercury NZ Ltd will buy its New Zealand business.