Vector, the Auckland-based lines company, has bought out partner Energy Intellect to take control of its Stream metering business.
Shareholders in Energy Intellect, including listed investment company Hellaby Holdings, voted to sell its operations and assets to Vector and Australian metering firm EDMI at a special meeting earlier this week. The deal is subject to due diligence and will become final once a sale and purchase agreement is reached. Vector expects it to be completed in the first quarter of the year.
“The acquisition is a further way of strengthening our metering business,” Vector said in a statement.
Vector received a payment of some $5.4 million from Vector Stream, the subsidiary used for the joint venture, in the 2011 financial year, according the lines company’s annual report.
Hellaby, which holds 34 percent of Energy Intellect, said it expects a liquidator to be appointed and remaining assets to be distributed amongst shareholders. Hellaby’s investments include Number 1 shoes, BNT, Hannahs and Hush Puppies.
Shares in Vector fell 2 percent to $2.51 in trading yesterday, while Hellaby stock gained 2 percent to $2.53.