Brookfield and PEP’s smart metres play Intellihub is set to return from its debt capital markets trip with $500 million in tow, after getting a surprise leg-up from rival Vector Metering’s recent troubles.
Intellihub, the smart meters play backed by Brookfield and Pacific Equity Partners, is set to return from its debt capital markets trip with $500 million in tow after a surprise leg-up from rival Vector Metering’s recent troubles.when its internal deal team shut the gates last week.
QIC’s Vector Metering is a close competitor with Brookfield and PEP’s Intellihub in ANZ smart meters. Investor sources expected scale-backs as they waited for allocation letters. However, they were told to look out for another raising soon to fund Intellihub’s rapid-fire growth trajectory, which has seen double-digit increases in its smart meters from 1.6 million meters at December end to more than 1.8 million just three months later.
It’s a well-timed raise for Intellihub, which already has contracts with big electricity retailers such as Origin Energy but is making a push across the Tasman under its new financial sponsor owners. While the raising was under way, Intellihub’s corporate unit signed agreements to add another 300,000 meters to its Kiwi fleet – pinching several off Vector Metering, which sources said had faced technology glitches. That, of course, was not lost on the investors.
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