QIC Ltd has thrown down the gauntlet in the upcoming auction of trans-Tasman smart meters business, Vector Metering.
Australia’s QIC, having missed out on similar business Intellihub last year, has drafted in Craigs Investment Partners and affiliate JPMorgan to get cracking on its due diligence, and mark its territory as a buyer to watch.Kenneth Cheung
QIC has close ties to Queensland’s Yurika Energy, which is part of state-owned Energy Queensland and is into all things energy transition and renewables, including smart meters. It’s expected to try and leverage that relationship in forming a view on Vector Metering. The flyer, obtained by Street Talk, made a succinct five point pitch including Vector Metering’s role as a provider of critical infrastructure, its position as the largest meter provider across Australia and New Zealand, its stable earnings profile, 15-year track record, and growth opportunities in electricity, gas and water. [The pitch was very similar to Intellihub’s, delivered this time last year].
All the interested parties are likely to have pre-held views on Vector Metering, and how it compares to Intellihub. Consensus is that Vector was there earlier, but its management hasn’t been as motivated to sign contracts with quality counterparties or chase growth in recent years, leaving the door open for Intellihub.
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