Mercury NZ Limited (NZSE:MCY) agreed to acquire Retail Business from Trustpower Limited (NZSE:TPW) for approximately NZD 440 million on June 21, 2021. Mercury has secured a commitment for a new bank facility sufficient to finance the acquisition. The Trustpower name and brand is included in the transaction and will transfer at completion. Trustpower will select a new name in due course. David Prentice will be the Chief Executive Officer of the new generation business going forward. The majority of employees will get the opportunity to transfer to Mercury and of the rest of the employees, most will remain with the generation business. The transaction is conditional upon approval from Commerce Commission, proposed TECT restructure being completed, and Trustpower shareholder approval. The Trustpower shareholders' approval will be sought at the annual shareholder meeting on September 22, 2021. As of September 22, 2021, Trustpower's shareholders approved the transaction. As of September 28, 2021, Commerce Commission approved the transaction. The transaction is expected to be completed within calendar year 2021. As of September 22, 2021, transaction is expected to be completed on February 1, 2022. As of September 28, 2021, transaction is expected to be completed in the first half of 2022. As on February 15, 2022, transaction is expected to be completed in the second quarter of 2022. As of April 4, 2022, Mercury NZ Limited is pleased to confirm that the Tauranga Energy Consumer Trust (TECT) restructure condition in its acquisition of Trustpower Limited's (Trustpower) retail business has now been satisfied with effect as of April 1, 2022. Trustpower (TPW) advises that all substantial conditions for the sale of its retail business to Mercury Limited (MCY) have now been met. Upon successful completion of the sale, the generation and commercial sales business will be renamed Manawa Energy Limited (MNW). Completion of the transaction is expected to take place on May 1, 2022.

Forsyth Barr Group Limited acted as financial advisor to Trustpower.

Mercury NZ Limited (NZSE:MCY) completed the acquisition of Retail Business from Trustpower Limited (NZSE:TPW) on May 1, 2022. As of September 21, 2022, Mercury will migrate customers onto the Gentrack billing system used by Trustpower; a robust multi play platform that will support Mercury to deliver premium offers, bundles and unique solutions to its customers.