Metrix Sale Bolsters Mercury's Balance Sheet, Providing Scope for Future Investment
Narrow moat Mercury NZ agreed to sell Metrix, its smart metering company, to intelliHUB for NZD 270 million. The deal makes sense. Metrix lacks scale and is noncore for Mercury. This allows the firm to focus on more scalable parts of its business. Mercury has no immediate plans to spend the proceeds from the sale--other than to pay down debt in the short term. The sale is too small to impact our unchanged NZD 3.60 fair value estimate, and at current prices, shares in Mercury screen as fairly val...Mercury NZ is engaged in the investment, development and producing of electricity from renewable and other energy sources, selling of energy and energy related services and products to retail and wholesale customers. As of June 30 2013, Co. had 388,000 electric customers.
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