Global law firm Ashurst has advised Tilt Renewables Ltd on a NZ$2.94 billion (A$2.10 billion) all cash acquisition under which a consortium led by Powering Australian Renewables (PowAR) will take ownership of its Australian business and Mercury NZ Ltd (Mercury) will acquire its New Zealand business.

PowAR and Mercury NZ have entered a Scheme Implementation Agreement (SIA) to acquire NZX and ASX-listed Tilt Renewables Ltd for NZ$7.80 per share in cash, representing a market value of NZ$2.96 billion. AGL Limited, which created PowAR in 2016 in partnership with QIC and Future Fund, has a 20% interest in PowAR.

Under the terms of the transaction, subject to customary conditions, Infratil Ltd (Tilt’s largest shareholder) has agreed to vote its entire 65.5% shareholding in Tilt Renewables in favour of the Scheme. Mercury, Tilt Renewables’ second largest shareholder, with a 19.92% shareholding, has agreed to vote its entire shareholding in favour of the SIA.

Ashurst advised Tilt Renewables’ on this transaction, which followed a competitive sale process during which the wind and solar company received multiple binding proposals to acquire the company.