• Infratil to acquire 4.92% shareholding in Contact Energy from TECT Holdings
• Purchase price of $437.7 million, funded through debt and new Infratil shares
• Infratil's shareholding in Contact to increase to 14.3% from 9.4%

Infratil Limited (Infratil) has agreed to acquire TECT Holdings' (TECT formerly, the Tauranga Energy Consumer Trust) 4.92% shareholding in Contact Energy Limited (Contact) for a purchase price of $437.7 million, or $8.95 per share. The acquisition will be funded through a combination of $218.8 million in existing debt capacity and the issuance of $218.8 million of new Infratil shares to TECT at $12.43 per share, being the NZX closing price on Friday, 17 October 2025. On completion, Infratil's shareholding in Contact will rise to 14.3%, up from 9.4% following the recent merger of Contact and Manawa Energy. Infratil had earlier completed the sale of its 51% stake in Manawa Energy to Contact in July 2025, in return for approximately NZ$186 million in cash and its current shareholding in Contact. The acquisition reinforces Infratil's strategy to invest in high-quality assets in strong market environments. Infratil Chief Executive Jason Boyes said the transaction is a win-win for both parties, allowing Infratil to increase its investment in Contact, a strong cashflow-generating business, while preserving flexibility for future growth. TECT's Chief Executive, Wayne Werder, expressed delight in continuing the long-standing relationship with Infratil by becoming an Infratil shareholder and benefiting from diversification through their broader infrastructure portfolio.