Vector sells regional gas pipelines to focus on Auckland in $952m deal

Sun, 08 Nov 2015

By Pattrick Smellie Nov. 9 (BusinessDesk) - Vector, the Auckland-based electricity and gas network operator, is to quit its gas transmission and distribution assets outside Auckland in a $952.2 million sale to Australian investor First State Funds, an infrastructure investor with $7 billion of assets across Australia, New Zealand, and Europe. The sale will result in a gain for Vector of about $167 million and follows a strategic review of the company, which is increasingly focusing on growing its interests in areas that are not subject to...

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