Network sale update

Network sale update

Eastland Group and its sole shareholder, Trust Tairāwhiti, advised on 13 September 2022 that a number of non-binding indicative proposals to acquire electricity lines business, Eastland Network have been received.

In June the company and its shareholder announced a plan to unlock value from the successful growth of Eastland Group to underpin future investment in the region’s energy transformation and support community wellbeing.

The announcement followed an extensive review of Eastland Group’s capital structure. A range of options were considered and the sale of the lines business, Eastland Network, was identified as the preferred option. 

Eastland Group and Trust Tairāwhiti will now review the proposals before a decision is taken on progressing to the due diligence stage of the process.

Given this is a commercial process, they can’t go into details of interested parties at this stage, but will continue to provide updates.

For further information on the proposed sale, and the protections in place for the power supply to the communities of Tairāwhiti, please visit Proposed Eastland Network sale. We also invited you to provide feedback.