Sale of 50% interest in Vector Metering unconditional

Sale of 50% interest in Vector Metering unconditional

On 21 December 2022 Vector (NZX:VCT) announced entry into of a conditional agreement with QIC Private Capital Pty Limited (QIC) for the sale of a 50% interest in Vector’s New Zealand and Australian metering business (Vector Metering) to investment vehicles managed and advised by QIC. As set out in that announcement, completion of the sale was conditional on consent under the Overseas Investment Act in New Zealand, approval under the Foreign Acquisitions & Takeovers Act in Australia, and finalisation of third-party financing arrangements.

Following announcement to NZX on 4 April 2023 that the third-party financing condition had been satisfied, Vector now confirms that each of the remaining conditions has been satisfied and the transaction is now unconditional. Completion of the sale is expected to occur on 30 June 2023.
 
 
Investor contact
Jason Hollingworth, Chief Financial Officer, Vector
Jason.hollingworth@vector.co.nz, 021 312 928
 
Media contact
Matthew Britton, Senior Communications Partner, Vector
Matthew.britton@vector.co.nz  021 224 2966
 
 
About Vector
Vector is an innovative New Zealand energy company which runs a portfolio of businesses delivering energy and communication services to more than one million homes and commercial customers across Australasia and the Pacific. Vector is leading the country in creating a new energy future through its Symphony strategy which puts customers at the heart of the energy system. Vector is listed on the New Zealand Stock Exchange with ticker symbol VCT. Our majority shareholder, with voting rights of 75.1%, is Entrust. For further information, visit www.vector.co.nz