Herbert Smith Freehills has advised QIC Private Capital on its conditional agreement with Vector (NZX: VCT) to buy 50% of Vector’s New Zealand and Australian smart metering business.
Vector is an innovative New Zealand energy company which runs a portfolio of businesses delivering energy and communication services to more than one million homes and commercial customers across Australasia and the Pacific.
The parties expect to finalise arrangements in the first quarter of 2023. The agreed transaction terms imply an enterprise value for Vector’s metering business of more than NZ$2.5 billion.
Partners Nick Baker and Aaron White co-led the team advising QIC, and partner Jon Evans led on the financing aspects of the deal. The three partners were supported by key senior associate Madeleine Miller and solicitors Tatsuki Shiratsuchi and Yulia Gosper. Russell McVeagh acted as QIC's New Zealand legal advisers.
Aaron White said, “This transaction is a significant investment for QIC which further strengthens its position in the energy sector. It was a privilege to work with the QIC team and our friends at Russell McVeagh to achieve great results for our client. Congratulations to all involved.”
You can discover more in the NZX announcement here: www.nzx.com/announcements/404470.