WELLINGTON, New Zealand--Trustpower Ltd. said it has agreed to sell its retail business to Mercury NZ Ltd. for 441 million New Zealand dollars ($306 million).
The deal, which is subject to regulatory approval, is expected to be completed by early 2022, the company said Monday.
The retail business has about 231,000 customers and includes electricity, gas and telecommunications.
Trustpower said it will consider its capital structure, dividend policy and opportunities for investment of the sale proceeds.
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(END) Dow Jones Newswires