Mercury to sell meter business for $270 mln

Sun, 16 Dec 2018

By Gavin Evans Dec. 17 (BusinessDesk) - Mercury NZ has agreed to sell its Metrix metering business to IntelliHUB Group to simplify its business and focus on faster-growing activities. Metrix has about 90 staff and manages more than 460,000 electricity meters. Its sale – for $270 million – will reduce Mercury’s $500 million-plus full-year group operating earnings by about $28 million, the company said. As part of the deal, Mercury and IntelliHUB will enter into a long-term meter services agreement. Sale proceeds will initially be used t...

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