Mercury NZ (ASX:MCY) has today announced the sale of its smart-metering business, Metrix to IntelliHUB Group for $270 million.
Metrix operates separately from Mercury's core generation and retail activities and is one of the country's leading smart metering solution providers.
Mercury says the sale price achieved is recognition of the expertise, scale and opportunity Metrix represents.
According to Mercury, the sale releases capital and resources and simplifies the company.
Shares in Mercury NZ (ASX:MCY) are trading 9.2 per cent lower at $3.35.