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.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

November 21, 2021 15:11 ET (20:11 GMT)

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