6 Apr 2016

Vector gets clearance to sell gas pipelines business

8:53 pm on 6 April 2016

Power and gas distribution company Vector has received clearance from the Overseas Investment Office to sell its gas pipelines business outside of Auckland for close to a billion dollars.

Vector will make a net profit of about $167 million on the sale to the global infrastructure asset manager, First State Funds.

The deal includes Vector Gas's transmission pipelines and distribution networks outside of Auckland, and is valued at $952m.

The transaction is now unconditional and completion is expected to take place in two weeks.