Infratil (NZE:IFT, ASX:IFT) agreed to acquire a 4.92% stake in Contact Energy (NZE:CEN, ASX:CEN) for NZ$437.7 million, taking the company's stake in the energy retailer and generator to 14.3%, according to a Monday filing with the New Zealand and Australian bourses.
The deal will be funded through a NZ$218.8 million existing debt capacity and the issue of NZ$218.8 million of the company's shares at NZ$12.43 apiece, the filing said.
Contact Energy's New Zealand shares were up more than 1% in recent Monday trade.