Vector selects QIC as preferred partner for Vector Metering

Wed, 21 Dec 2022

Vector has selected QIC Private Capital Pty Limited (QIC) as its preferred partner for a joint venture for its New Zealand and Australian metering business, Vector Metering.

The agreement implies an enterprise value for Vector Metering of approximately NZ$2.51 billion and is expected to result in gross transaction proceeds of around NZ$1.74 billion to Vector.

The deal is subject to regulatory approval and confirmation of financing and is expected to be finalised in the first half of 2023.

Vector Group Chief Executive Simon Mackenzie said Vector is pleased to have selected QIC as its strategic partner to accelerate growth opportunities for Vector Metering in the transition of the energy industry.

QIC has been granted a period of exclusivity while arrangements are concluded.