VCT
26/11/2014 11:07
ASSET
NOT PRICE SENSITIVE
REL: 1107 HRS Vector Limited
ASSET: VCT: Vector receives clearance for new metering business
Vector Limited announced today that it has received clearance from the
Commerce Commission 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."
This transaction is dependent on finalising contractual arrangements.
End CA:00258127 For:VCT Type:ASSET Time:2014-11-26 11:07:50
