TrustPower pays $13.7m for Energy Direct
About 15,000 electricity customer meters and 10,000 gas meters will be added to its existing 206,000 customer base.
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TrustPower, the electricity generator and retailer controlled by Infratil, will pay $13.7 million for the assets of Wanganui council owned Energy Direct New Zealand, allowing it to add customers near its electricity plants.
Energy Direct's customers are close to TrustPower's Patea hydro scheme and its Tararua wind farm and the purchase will also allow the company to sell other services to a wider customer base, chief executive Vince Hawksworth says in a statement.
"The acquisition of Energy Direct NZ assets will give TrustPower an opportunity to expand our field of operation and supply natural gas as well as our existing electricity and telecommunications service to customers."
The agreement will see TrustPower add about 15,000 electricity customer meters and 10,000 gas meters to its existing 206,000 customer base.
Shares in TrustPower, the third largest energy supplier on the New Zealand exchange, were unchanged at $7.40.
The purchase, which will be funded through existing cash facilities, will take effect from July 1.
(BusinessDesk)
Tina Morrison
Wed, 15 May 2013
Wed, 15 May 2013
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TrustPower pays $13.7m for Energy Direct
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