VCT
25/08/2014 10:03
ASSET
REL: 1003 HRS Vector Limited
ASSET: VCT: Vector to acquire new metering business
Vector Limited announced today that it is the preferred bidder to acquire Arc
Innovations Limited, Meridian Energy's smart metering business.
"The purchase is for the electricity meters at 135,000 customer connection
points, primarily in Canterbury and the Hawkes Bay area, as well as Arc's
business operations," said Vector Group Chief Executive, Simon Mackenzie.
"The acquisition of Arc complements and extends Vector's existing smart
metering business in New Zealand and gives Vector the opportunity of working
with Meridian Energy in a new long term metering services contract."
The purchase is subject to concluding commercial negotiations and Commerce
Commission clearance.
ENDS
End CA:00254318 For:VCT Type:ASSET Time:2014-08-25 10:03:37
