MELBOURNE, Australia--Australian utility AGL Energy Ltd. (AGL.AU) said it expects an about 25 million Australian dollars (US$19.1 million) profit on the planned sale of its digital electricity metering subsidiary.
The power generator and retailer said Monday it had agreed to sell its Active Stream subsidiary to Ausgrid, an electricity infrastructure company that supplies more than 1.7 million homes and business across Sydney and the surrounding region. Completion of the deal is expected in early December.
AGL started Active Stream in 2015 and has since then installed more than 230,000 digital meters across New South Wales, Queensland and South Australia states.
AGL said that following the sale, the Active Stream unit would continue to provide metering services to the company but on a non-exclusive basis.
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(END) Dow Jones Newswires
November 05, 2017 17:13 ET (22:13 GMT)