Auckland-headquartered Vector this morning announced it had reached agreement with AGL to directly purchase its majority stake in NGC Holdings at $2.91 per share.

Chairman Michael Stiassny said Vector was very pleased with the outcome which represented a further milestone in the development of a key New Zealand-focused infrastructure management company.

Vector would now be making a full takeover offer, though Commerce Commission approval was still needed.

AGL managing director Greg Martin said the NZ$2.91 per share price reflected the original price of NZ$3.00 per share, less the dividend of NZ$0.09 per share subsequently paid by NGC.

“AGL is pleased to have been able to adopt an acceptable alternative sale process for its NGC stake, enabling the company to optimise value for our shareholders in a timely manner. Financial close is anticipated before the end of this calendar year.”