MEL
26/11/2014 08:30
ASSET
NOT PRICE SENSITIVE
REL: 0830 HRS Meridian Energy Limited
ASSET: MELCA: Sale of Arc Innovations to Vector approved by ComCom
Sale of Arc Innovations to Vector approved by ComCom
26 November, 2014
Meridian Energy has been given the green light to proceed with the sale of
its metering and asset service business Arc Innovations.
Following a process that saw Meridian select lines company Vector as the
preferred buyer in August this year, Commerce Commission approval was
required for Vector to complete the sale process.
"Meridian is very pleased to be able provide Vector with the opportunity to
acquire Arc Innovations. Meridian can now focus on its core strategy of
improving customer experience as a nationwide retailer of electricity," said
Meridian Chief Executive Mark Binns.
The decision to sell Arc followed a strategic review of Meridian's wider
metering services requirements concluding Arc Innovations, a Meridian
subsidiary, would be better served by an owner that has smart meter ownership
and services as part of its core strategic focus.
This transaction is dependent on finalising contractual arrangements.
The sale, due to be completed in early December, includes the transfer of Arc
Innovation's employees and metering assets at 135,000 customer connections
primarily in Christchurch and Hawkes Bay.
For media queries, please contact:
Michelle Brooker
External Communications
021 225 9624
For Investor Relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
End CA:00258102 For:MEL Type:ASSET Time:2014-11-26 08:30:58
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