Updated 1.18PM:Â Origin Energy has confirmed it's selling its controlling stake in Contact Energy.
The Australian based company announced it's entered a binding agreement to sell just over 53 percent of the company to a variety of Australian, New Zealand and international equity investors - as well as New Zealand retail investors.
Contact has asked the New Zealand stock exchange to halt trading of its shares.
The sale is expected to be completed tomorrow.
Going on Contact's latest price of $5.02 a share, Origin's stake is worth just under $2 billion dollars.
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