Vector to sell half of metering business for $1.7b

Vector to sell half of metering business for $1.7b
(Image: Vector)
Staff reporters
Vector is set to sell a 50% stake in its New Zealand and Australian metering business, Vector Metering, to private equity group QIC Private Capital (QIC).The deal is expected to generate proceeds of $1.74 billion, including about $980 million of acquisition debt, and values the business at $2.51b, compared to a book value of $650m.The agreement, which is supported by major shareholder Entrust, is conditional on consent from the Overseas Investment Office in New Zealand and approval under the Foreign Acquisitions & Takeovers Act in Australia...

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