WELLINGTON, New Zealand--New Zealand hydro-power company Meridian Energy Ltd. said it has agreed to sell its retail electricity business in Australia to a consortium of Royal Dutch Shell PLC and infrastructure investors.
The sale of the Powershop business to Shell and Infrastructure Capital Group for 729 million Australian dollars ($527.7 million) is expected to be completed in the first quarter of 2022, Meridian said on Monday.
Meridian said it will consider returning cash to shareholders and opportunities for new business investments.
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November 21, 2021 15:11 ET (20:11 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.