Vector Metering Acquisition, Valuation, Funding & Investors

Vector Metering was acquired by QIC for $1.5B in June 2023.

Vector Metering acquisition price

$1.5B

Acquired by QIC · Jun 2023

Key investors in Vector Metering

  • Te Pūia Tāpapa

Vector Metering Overview

About Vector Metering

Vector Metering, rebranded Bluecurrent, is a smart electricity and gas metering business operating in New Zealand and Australia. It owns or manages the meter fleet on behalf of electricity retailers and networks and supplies the associated data services. At the time of its 2023 partial sale the business owned or managed more than 2.3 million meters and was the largest provider of its kind across the two markets. It was built inside NZX-listed Vector Limited from 2009.


HQ

New ZealandNew Zealand

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$1.5B (acquired Jun 2023)

Vector Metering Acquisition

Vector Metering was acquired by QIC for $1.5B on 30 June 2023.

QIC Private Capital, acting for investment vehicles it manages and advises together with co-investors, acquired a 50 per cent interest in Vector Metering, the New Zealand and Australian smart metering business of NZX-listed Vector Limited. Vector named QIC preferred joint venture partner in December 2022, contractual close was reached on 3 April 2023 and financial close occurred on 30 June 2023. The agreed terms implied an enterprise value for Vector Metering of approximately NZD 2.51 billion, equivalent to approximately USD 1,538 million at the June 2023 average NZD/USD exchange rate of 0.61292 (Frankfurter/ECB reference rates). Gross proceeds to Vector were approximately NZD 1.74 billion, or roughly USD 1,067 million on the same basis. Vector Metering owned or managed more than 2.3 million electricity and gas meters across Australia and New Zealand at the time of the transaction, making it the largest provider of its kind in the two markets. Vector had built the business from scratch beginning in 2009. QIC framed the acquisition within its energy transition thematic, stating that its infrastructure investments supporting a low-carbon economy had reached AUD 5 billion. Patrick Mulholland led the QIC acquisition team. Advisers were J.P. Morgan, Craigs Investment Partners, Herbert Smith Freehills, Russell McVeagh, King & Wood Mallesons and Chapman Tripp. The business was subsequently rebranded Bluecurrent.

Vector Metering acquisition details
AcquirerDateTypePrice
  • QIC
30 Jun 2023PE buyout$1.5B

Vector Metering Funding History

Vector Metering has raised 1 funding round.

Vector Metering funding rounds
DateStageInvestorsDeal Summary
Jan 2024Undisclosed stageTe Pūia TāpapaTe Pūia Tāpapa invested in Bluecurrent, the New Zealand and Australian smart-metering business formerly known as Vector Metering, during 2024 through a QIC-managed co-investment vehicle for QIC Global Infrastructure Fund II. Te Pūia Tāpapa holds a 3.0% economic interest in Bluecurrent; the price and exact transaction date were not disclosed.

Who has invested in Vector Metering?

1 investor has backed Vector Metering across its funding rounds, including Te Pūia Tāpapa.


Vector Metering Investors

Investors in Vector Metering by funding rounds participated
InvestorHQRoundsRoleFirst check

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Vector Metering Competitors

Vector Metering competitors include listed companies like Geregu Power and Athens Water Supply, and private ones like Hydro Rein, Octopus Energy, Pano and Reactive Technologies.

Public and private companies comparable to Vector Metering
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hydro ReinNorwayOsloPrivate--$333M-
Octopus EnergyUnited KingdomLondonPrivate--$9B-
PanoUnited StatesUnited StatesPrivate$100M-$250M2.5x
Reactive TechnologiesUnited KingdomOxfordPrivate$5M-$146M29.2x
Geregu PowerNigeriaNigeriaPublicly listed$139M$44M$1.6B-
Athens Water SupplyGreeceGreecePublicly listed$430M$71M$1.5B2.6x

Vector Metering Public Comps

Vector Metering is no longer listed, but its public comps include Geregu Power, Athens Water Supply, Hokuriku Electric Power, Gas Malaysia, Econergy, SK Gas, Energisa Mato Grosso, Romande Energie, PetroVietnam Power and Premier Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Geregu Power$139M$44M11.3x-35.6x-
Athens Water Supply$430M$71M2.8x2.6x17.0x16.3x
Hokuriku Electric Power$5.1B$961M1.5x1.5x7.8x8.9x
Gas Malaysia$1.8B$156M0.9x0.9x10.6x10.5x
Econergy$11M($64M)205.8x-(34.8x)-
SK Gas$5.6B$498M0.7x0.5x7.4x6.6x
Energisa Mato Grosso$1.6B$403M2.0x-7.9x-
Romande Energie$960M$231M1.9x1.9x7.9x9.4x

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Common questions about Vector Metering

Where is Vector Metering headquartered?Vector Metering is headquartered in New Zealand.
Is Vector Metering publicly listed?No, Vector Metering was acquired by QIC in June 2023.
Who acquired Vector Metering?Vector Metering was acquired by QIC in June 2023.
How much was Vector Metering acquired for?Vector Metering was acquired for $1.5B in June 2023.
What was Vector Metering's last funding round?Vector Metering's last funding round was a undisclosed-stage round in January 2024.
Who are Vector Metering's investors?Vector Metering's investors include Te Pūia Tāpapa.
Which companies are comparable to Vector Metering?Companies comparable to Vector Metering include Hydro Rein, Octopus Energy, Pano, Reactive Technologies, Geregu Power and Athens Water Supply.

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