Michael Stiassny, chairman of Vector, said: We are pleased with the outcome of the strategic review process begun in August last year, which has now resulted in this sale.
Simon Mackenzie, CEO of Vector, said that it will initially apply the funds to retire debt.
Mr Mackenzie said: The divestment further strengthens Vector’s balance sheet and positions it strongly to consider any potential infrastructure opportunities should they arise. At the moment we have no specific investment plans but given current market dynamics, we believe it is possible that increased infrastructure investment opportunities may be available. In the meantime we continue to focus on our existing assets and business objectives.
