Infratil and Mercury attempted to acquire Tilt Renewables, an alternative power generation company from New Zealand, for NZ$2.30 per share. The offer price of NZ$2.30 represents a 24.3% premium to the closing share price of Tilt Renewables on 11 May 2018, being the last trading day before Mercury acquired a 19.99% stake in Tilt Renewables from TECT Holdings Limited ("TECT"), a company 100% owned by the Tauranga Energy Consumer Trust, for NZ$2.30 per share. Infratil believes Tilt Renewables is well positioned to continue executing on its strong and diverse development pipeline. For Infratil, the offer represents a continuation of its proven approach of investing in businesses with supportive market dynamics that can respond to a disciplined focus on operating performance and capital allocation. Tilt Renewables will become a more meaningful investment for Infratil. Infratil is looking forward to partnering with Mercury and contributing towards the continued decarbonisation of Australasia.