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Hawke's Bay Network Aquires Taupo/Rotorua Assets

HAWKE’S BAY NETWORK SECURES AGREEMENT TO ACQUIRE TAUPO AND ROTORUA REGIONAL ASSETS FROM UNITEDNETWORKS

Hawke’s Bay Network Chief Executive, Mr Ken Sutherland was pleased to announce today that Hawke’s Bay Network Limited has signed an agreement to acquire the Taupo and Rotorua regional electricity network assets of UnitedNetworks Limited.

The proposed asset purchase is linked to a Vector bid for the Aquila stake in UnitedNetworks, further to a full takeover offer to UnitedNetworks shareholders. Besides Vector, the agreement for purchase also includes Hawke’s Bay Network Limited and Powerco Limited and is subject to UnitedNetworks’ shareholder approval.

“This is a significant and exciting business initiative for Hawke’s Bay Network that will provide the opportunity for long-term benefits to both shareholder consumers of Hawke’s Bay Network Limited and the consumers of Taupo and Rotorua,” said Mr Sutherland.

“Hawke’s Bay Network has a proven track record of providing reliable and affordable lines services for the benefit of it’s consumers and looks forward to extending this capability to the Taupo and Rotorua regions.”

He said Hawke’s Bay Network has been looking for expansion opportunities for some time, and was delighted to have acquired its neighbouring lines networks which will jointly form a strong critical mass in the central North Island.

Further details will be provided by Hawke’s Bay Network, including timetable, once finalised.

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