The Australian energy company, Origin Energy Ltd, has announced it will be selling its metering subsidiary, Acumen, to intelliHUB Holdings Pty Ltd.
intelliHUB will be a joint venture between Pacific Equity Partners, Australia’s private equity investor, and Landis+Gyr, the publicly listed multinational.
The deal is set to be worth AU$267mn (US$203mn), and the deal will see a long-term contract with Origin Energy for additional smart metre rollouts.
The two firm will launch the joint venture and invest in the metering firm in a bid to expand their businesses as they transition towards clean and decentralised energy.
“Landis+Gyr is the global leader in smart metering and offers the largest portfolio in the industry for utility companies and retailers that help bring the grid into the digital age,” remarked Richard Mora, CEO of Landis+Gyr.
“We have been investing for several years in our products and solutions for Australia and the partnership with intelliHUB will be crucial to giving the Australian market access to the best of our global smart metering products, solutions and services technologies.”
“The Australian market is just commencing a major widespread deployment of smart metering technology,” noted Camerin Blanks, Managing Director of Pacific Equity Partners.
“This requires experienced partners that are acutely focused on the customer experience and getting the most out of this once in a generation technology refresh.”
“We have partnered with Landis+Gyr and we believe this business will create an independent and differentiated experience for energy retailers, providing an exceptional rollout experience with the global leader in metering innovation.”