Wednesday 6th April 2016 |
Text too small? |
The Overseas Investment Office has approved the sale of Vector's gas transmission and gas distribution businesses outside Auckland to the global fund manager, First State Funds.
The fund manager is paying $952.5 million for the businesses, which operates the pipelines and stations which supply natural gas to most of the major cities and towns in the North Island, as well as the 309km Maui pipeline. It also supplies gas to retailers who service more than 60,000 customers through its distribution businesses.
Shareholders backed the sale at a special meeting which took place last December. The transaction is expected to complete on April 20.
Vector put the assets on the block after carrying out a strategic review of its business. It says the money will be used to strengthen its balance sheet, fund organic growth in Auckland and seek ventures in unregulated growth markets.
First State Funds comprises two infrastructure funds managed by First State Investments, which is known in Australia as Colonial First State Global Asset Management. It owns around $7 billion in infrastructure assets across Australia, New Zealand and Europe.
Shares in Vector fell 0.3% or 1 cent to $3.37 but have risen 6.6% since the start of the year.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
Devon Funds Morning Note - 1 September 2025
September 1st Morning Report
POT Financial Results for the year to 30 June 2025
MOVE FY25 Results for the year ended 30 June 2025
BPG - Completion of Retail Offer
Comvita releases results for the year ended 30 June 2025
August 29th Morning Report
Air New Zealand announces 2025 financial result
August 28th Morning Report
VSL - 2025 date of Annual Meeting of shareholders