Mercury NZ Limited (NZSE:MCY) entered into a Scheme Implementation Agreement to acquire New Zealand business of Tilt Renewables Limited (NZSE:TLT) from March 14, 2021. Mercury NZ made the acquisition for an enterprise valuation of approximately NZD 770 million. The acquisition will be funded from the sale of Mercury's 19.9% Tilt shareholding, worth NZD 585 million and net debt of NZD 185 million.

As per amendment on April 16, 2021, The acquisition of the New Zealand operations by Mercury will be funded from the sale of Mercury's 19.9% Tilt shareholding, worth NZD 608 million and net debt of NZD 189 million. In a related deal, Powering Australian Renewables agreed to acquire Tilt Renewables Limited. As of July 15, 2021, Tilt Renewables shareholder has approved the transaction.

As of July 23, 2021, Tilt Renewables Limited, advises that the High Court has made final orders approving the Scheme of Arrangement under which Mercury NZ Limited (Mercury) will acquire Tilt Renewables' New Zealand business. The proposed transaction is expected to complete on August 3, 2021. John Brewster, Lynda Tully, Nik Lukic and Cassandra Wee of Ashurst Australia acted as legal advisors to Tilt Renewables Limited.