PEP and Intellihub acquire Mercury New Zealand’s Metering Business
It is exciting to see the roll-out is well underway in New Zealand, with Intellihub smart meters being installed this week after signing with Trustpower.
Pacific Equity Partners’ smart metering business Intellihub, buys Mercury NZ Ltd’s smart metering business Metrix in a $NZ270 million deal.
“Metrix has in excess of 460,000 smart meters and will take Intellihub’s total of independently contracted or controlled meters to almost 2 million, cementing Intellihub as a leader in smart metering services,” says Intellihub CEO Adrian Clark.
“Metrix’s large installed meter base, deep customer relationships and innovation platform, make this a natural acquisition for Intellihub. It is also strongly aligned to our strategy of focusing on growth and innovation in smart metering services,” says Clark, in a statement.
The transaction includes a long-term contract to provide metering services for Mercury and an agreement to work together to deliver new and innovative services for Mercury customers.
“Metrix is strongly aligned with Intellihub’s focus on service and innovation, and the combination of the two businesses will support the development of new services in the smart metering industry in Australia and New Zealand,” adds Fraser Whineray, Mercury chief executive.
Intellihub is majority owned by Pacific Equity Partners through its Secure Assets Fund.
“This is a highly attractive acquisition of a strongly performing business of significant scale,” says PEP director Evan Hattersley.
“The financial and operational characteristics of Metrix are powerfully aligned to the PEP SAF strategy as it invests across a variety of sectors in Australia and New Zealand including transport, power and energy, logistics, water, health, education and communications.”
The acquisition is expected to be completed during the first quarter of 2019 and comes less than one year after PEP set up Intellihub in partnership with global smart metering leader, Landis+Gyr.
Intellihub’s first deal was to buy Origin Energy’s smart metering business, Acumen in May 2018.