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- Release Date: 25/10/12 10:30
- Summary: ASSET: VCT: Vector to purchase gas metering business
- Price Sensitive: No
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VCT
25/10/2012 08:30
ASSET
REL: 0830 HRS Vector Limited
ASSET: VCT: Vector to purchase gas metering business
Vector announced today the further expansion of its metering business with
the proposed acquisition of Contact Energy's gas metering business.
The proposed acquisition price is $63m. Completion of the purchase is subject
to Commerce Commission clearance which is expected to take approximately
three months.
Vector Chief Executive Simon Mackenzie said the purchase was value-accretive
and complimented Vector's existing gas metering business. The purchase is for
128,000 gas meters located at residential, commercial and industrial premises
around New Zealand.
"This acquisition reflects that Vector is growing its metering business in
New Zealand. We are also delighted that Contact Energy has recognised the
value of Vector's offering by committing to become a gas metering services
customer in this competitive market.
"We have been trialling smart gas metering technology and in the longer term
we hope to retro-fit this technology on the acquired gas meter fleet as
customers request such technology," he said.
ENDS
End CA:00228831 For:VCT Type:ASSET Time:2012-10-25 08:30:26
