Vector deal moves along

The full takeover of UnitedNetworks by neighbouring lines company Vector came a step closer yesterday when its shareholders agreed at a special meeting to sell nearly $1 billion of assets.

United's non-Auckland gas network will be sold to New Plymouth-based Powerco for $220 million and its power lines business in southern and eastern Waikato, the Thames Valley and Coromandel, Tauranga and Hawkes Bay will go to Powerco and Hawkes Bay Network for $785 million.

Powerco's purchase of the UnitedNetworks assets requires shareholder approval at a similar special meeting on October 29.