New Zealand energy company Vector has sold a 50 percent interest in its New Zealand and Australian smart metering business, Vector Metering, to a new fund managed by QIC Infrastructure, marking the vehicle’s first investment.
Vector Metering is the largest provider of its kind across Australia and New Zealand, owning/managing more than 2.3 million meters across the electricity and gas markets of these countries.
In December 2022, Vector entered into a conditional agreement with QIC for the sale of a 50 percent interest in Vector Metering. At that time, the agreed key transaction terms imply an enterprise value for Vector Metering of NZ$2.51 billion ($1.6 billion).
As its preferred partner, QIC will help to accelerate growth opportunities for Vector Metering, enabling the business to continue to play a key role in the transition of the energy industry.
“Smart meters have a critical role to play in the decarbonization of electricity supply in both Austr
