Contact Energy (ASX:CEN) has submitted a non-binding offer of approximately $47 million to acquire the remaining 24.98% stake in King Country Energy from the King Country Trust.
If the deal proceeds, Contact—which already owns 75% of the company through its subsidiary—would gain full control of five hydropower stations across the King Country and Horowhenua regions, totaling a capacity of 53MW.
The transaction is structured as a scrip payment, meaning the Trust would receive newly issued shares in Contact Energy rather than cash.
Before any agreement is finalized, the Trust will launch a month-long public consultation and a Special Ownership Review to weigh the proposal.
Should the parties reach a formal agreement following this review, the deal is expected to close in the second quarter of 2026.