Contact Energy Agrees to Buy NZ Rival Manawa to Grow Generation.

New Zealand power company Contact Energy has agreed to acquire Manawa Energy in a shares-and-cash deal valued at NZ$1.86 billion ($1.1 billion). The acquisition aims to create a stronger business capable of meeting the country's growing energy needs. The move comes as the electricity industry faces criticism for a lack of competition and investment, which has led to a surge in wholesale power prices. The deal is subject to approval from the Commerce Commission and shareholders. [Extracted from the article]