UnitedNetworks finalises $72M sale

Proceeds from the sale will be used to retire existing bank debt. The sale includes a long-term service contract for an initial seven and a half-year period.

"Although the company will now outsource all of its repair and maintenance work it will be business as usual for customers and end consumers on our network," says chief financial officer, Ian Hadwin.

"The company's focus remains on service reliability, providing cost effective services to our customers and delivering excellent customer service."

UnitedNetworks is New Zealand's 9th largest company by market capitalisation with assets of $2.26 billion. It distributes electricity and gas, and owns and manages fibre optic networks in downtown Auckland and Wellington.

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