Sale of Tilt stake means another Infratil bid firmly off the table
16 Mar, 2021 04:30 AM
4 minutes to read
The sale of its Australasian renewables business means Infratil is unlikely to see another bid from AustralianSuper, analysts at Forsyth Barr predict, speculating the mega payday could mean additional returns to shareholders. On Monday, Tilt Renewables announced it had entered into an agreement, which would see it sold to an Australian consortium for $7.80 a share, valuing the company at close to $2.96 billion.
While the offer is subject to an independent review and regulatory approval, analysts seem to see little risk to the deal being blocked, with the sale price likely to meet or exceed valuation, and the structure of the offer meaning assets in New Zealand and Australia will be owned separately and both under local ownership.