Vector Limited today announced a conditional agreement to acquire the business of Vircom Energy Management Services Limited. 

Vircom, a subsidiary of New Zealand-based MainPower, is a nationwide provider of field services for commercial and residential smart meter customers. 

Vector Chief Executive, Simon Mackenzie, says the acquisition will complement the Group’s existing metering capabilities and assist Vector Advanced Metering Services in continuing to provide a nationwide full service metering capability to its customers.  

“Vircom and Vector have enjoyed a long and successful partnership, during which Vircom has deployed many thousands of smart meters for Vector over the past decade.  With our New Zealand advanced mass deployment now complete, it was an appropriate time to review the model to prepare for the challenges of the next decade.  

“With our shared focus on health and safety and enabling innovation in the energy sector, we feel that we can further develop the already strong contractor partnerships which both Vector and Vircom have built, which will benefit the industry as a whole.”

Andy Lester, Chief Executive of MainPower, said the deal should ensure a strong future for the Vircom business and its people.  

“This is a logical step for Vircom and the Vector Group is an excellent fit.  Nothing changes in terms of Vircom’s commitment to serving existing customers which is important to us.”

Settlement is expected to occur around the end of September.  

ENDS