Login
Meridian Energy sells Powershop for $740m
Meridian Energy Limited has sold its Australia-based electricity generation assets and retail business Powershop.
Naomi Neilson
Firm: Allens (Meridian Energy Limited), Baker McKenzie (Shell, Infrastructure Capital Group)
Area: M&A; projects.
Value: $740 million.
Key players: The Allens M&A team was made up of partner Craig Henderson, senior associates Niamh Rodgers and Sarah Glynn, associate Kelsey Montgomery and lawyer Ruth Engelbrecht.
The projects and development team was headed up by partner Kate Axup and supported by managing associate Danielle Jones, associates Kanana Fujimori and Jazmine Elmolla, and lawyers Madeline White, Madeleine George and Holly Adams.
In the environment and planning team: partners Jillian Button and Naomi Bergman, managing associate Emily Johnstone, associate Elise Rutherfurd, and lawyers Astrid Reidy and Amy Gilbertson. Partner Michael Graves from the real estate and development team was assisted by senior associates Zainab Mahmood and Caitlin Blanchard and associates Tina Tran and Elisabeth Sandbach.
The technology, media and telecommunications team, intellectual property and employment also assisted. They were made up by partner Michael Park, senior associate Jamie Griffin and lawyer Jake Boudsocq; partner Tim Golder and associate Paul Mersiades; partner Simon Dewberry and lawyer Courtney Logue.
Baker McKenzie has assisted a consortium of Shell and Infrastructure Capital Group (ICG) on its acquisition of Meridian Energy’s Australian business. The team was led by lead partners Lance Sacks, Lucas Tyszkiewicz and Aylin Cunsolo. The broader team included Tanya Denning, Lewis Assness, Laura Matson, Aimi Tran, Adrian Lawrence and Simone Blackadder.
Deal significance: Meridian is New Zealand’s largest electricity generator and is also listed on the Australian Securities Exchange.
Shell delivers business energy solutions across gas, electricity, environmental products and energy productivity for commercial and industrial customers. It is the second largest electricity provider to commercial and industrial business in Australia.
Infrastructure Capital Group is an investor with a 20-year investment track record and approximately $3.0 billion of equity under management across a wide range of infrastructure sub sectors, including energy, utilities, transport and renewables.
On completion of the deal, Shell will become the owner of the retail business Powershop Australia, while Infrastructure Capital Group will become the owner of the infrastructure assets.
Commenting on the deal, Mr Henderson said: “We are pleased to have advised Meridian on the sale of the Australian portion of its electricity generation and retail business. After a competitive bid process, Snell Energy Operations acquired Meridian’s electricity retailer Powershop, while Infrastructure Capital Group acquired its wind farms, hydropower stations and other development assets.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
