Mergers & Acquisitions

Merger of CentralPower with Electro Power, New Zealand

Morrison & Co acted on behalf of CentralPower in merger negotiations with Electro Power and its 100% shareholder, the Palmerston North City Council (PNCC). The role included:

• Negotiation of a suitable transaction structure, involving the issue of mandatory convertible notes to meet PNCC return expectations to allow CentralPower to access merger benefit; and
• Negotiation of a shareholders’ agreement between CentralPower’s largest shareholders (PNCC, CentralPower Trust and Infratil NZ).