Powerco completes UnitedNetworks purchase for $804 mln

Powerco said today it completed on time and under forecast the integration of UnitedNetworks' electricity and gas network assets purchased last year.

Powerco chairman Barry Upson said the purchase of the lower North Island assets, which doubled the company's size to $1.7 billion, was completed in three months.

The final cost of the integration was $23.5 million, shaving $1.5 million off anticipated costs.

Powerco employed an additional 43 people, including 20 former UnitedNetworks employees.

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