UNL gets $72M for contracting business

The electricity and gas network company has sold the contracting business to Siemens Energy Services, who will now undertake all repair and maintenance work on the company's networks, as well as capital works.

UNL announced plans to sell the business last September so it could concentrate on asset strategy and network design rather than actually building and maintaining the network.

Chief executive Dan Warnock says Siemens will add value to the company's extensive electricity and gas networks by contributing a high level of expertise and innovation.

"UnitedNetworks is delighted to have brought in a long term partner with the global credentials and expertise that Siemens brings. We believe Siemens will add significant value to our network business."

All UNL staff who are part of the sale will be offered positions with the new owner.

UnitedNetworks owns a 24,500 kilometre electricity network and a 6,700 kilometre gas network.

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