Meridian Energy (ASX:MEZ, NZE:MEL) plans to acquire NZ Windfarms (NZE:NWF) via a court-approved scheme of arrangement for NZ$0.25 cash per share, corresponding to an equity value for the firm of NZ$91 million, according to filings with the Australian and New Zealand bourses on Wednesday.
Meridian already holds a 19.99% shareholding in the energy firm.
The acquisition is conditional upon approvals from NZ Windfarms' shareholders as well as the High Court of New Zealand.
Robert Stone and Salt Funds Management, who together own about 14% of NZ Windfarms, entered voting deeds to vote their shares in favor of the deal.
The firms are parties to a 50-50 joint venture to repower the Te Rere Hau Wind Farm in Manawatu, and for Meridian to purchase 100% of the generation from the wind farm.
Meridian Energy's shares fell past 2% on the Australian share market and rose almost 2% on the New Zealand exchange. NZ Windfarms' shares surged nearly 86%, earlier hitting their highest since September 2021.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.