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Mercury cleared to buy Trustpower retail business for $441m
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Mercury cleared to acquire Trustpower s retail business
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Business Scoop » Mercury Cleared To Acquire Trustpower s Retail Business
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On track . . . Trustpowers 100 Oamaru staff are expected to move into the companys new purpose-built premises in Severn St in late August. PHOTO: REBECCA RYAN
Mercury NZ Limited has committed to retaining Trustpower’s Oamaru office for the “foreseeable future”, after agreeing to buy the New Zealand company’s gas, telecommunications and retail electricity supply business for $441 million.
On Monday, Trustpower announced the sale to Mercury, conditional on Commerce Commission approval, the restructure of the Tauranga Energy Consumer Trust and Trustpower shareholder approval.
Trustpower has had a customer service centre in Oamaru since 2007, when it bought the Call South telecommunications business. In February last year, it announced plans to move from its Thames St site to a new purpose-built premises in Severn St, and construction started about four months later.
Stock Takes: Trustpower receives bids, Synlait s new brand, AFT s US deal
27 Apr, 2021 10:14 PM
3 minutes to read
Trustpower has received indicative bids for its retail business. Photo / Bay of Plenty Times
NZ Herald
Trustpower, New Zealand s fifth biggest electricity company, said it had received a number of non-binding indicative bids for its retail business following its announcement of a strategic review in January. The board had reviewed the proposals and had progressed into the due diligence stage of the process, Trustpower said.
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Tauranga-based Trustpower has more than 230,000 customers across electricity, gas and broadband.
The review was designed to test interest in the business while also exploring the merits and business case to establish a standalone generation business.