Mercury divests smart metering business

NEW ZEALAND’s major energy owner and operator Mercury will sell off its smart-metering business, Metrix, to IntelliHub Group for A$270 million cash in a move to simplify the company and consolidate assets, but the decision saw the company’s share price drop nearly 10% on the announcement.

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IntelliHub's primary appeal for the acquisition was Metrix's large installed meter base, innovative platform and customer base, making it a "natural acquisition" for the company.