Contact Energy (ASX:CEN) has finalised its acquisition of King Country Energy, purchasing the remaining 24.98% stake from the King Country Trust to take 100% ownership of the company.
The deal, valued at approximately $47 million, was settled through the issuance of nearly five million new Contact shares to the Trust at a price of $9.42 per share.
The move secures full control of five North Island hydropower stations with a combined capacity of 53MW, reinforcing Contact’s renewable energy portfolio and regional resilience.
While the newly issued shares are subject to a 12-month escrow period, the Trust will maintain full voting and dividend rights during this time.
Contact CFO Matt Forbes noted that the acquisition is a key component of the company’s "Contact31+" strategy, aimed at decarbonising New Zealand’s energy sector.