Update on sale of 50% interest in Vector Metering – financing condition satisfied

As stated in Vector’s 21 December 2022 announcement, Vector (NZX:VCT) has entered into 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.

The announcement stated that the parties expected to enter into definitive documentation in respect of the sale in Q1 2023, with completion 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.

Vector confirms that definitive sale documentation has been executed and the condition relating to finalisation of third-party financing arrangements has now been satisfied. Completion of the sale remains conditional on Overseas Investment Act and Foreign Acquisitions & Takeovers Act approvals. Assuming those regulatory approvals are obtained, completion of the sale is expected to occur in Q2 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