AGL acquires Click Energy for $115m
Herbert Smith Freehills has advised AGL on its acquisition of Click Energy from amaysim for $115 million.
Firms: Herbert Smith Freehills (Click Energy)
Value: $115 million.
Deal: Herbert Smith Freehills has advised AGL Energy Limited (AGL) on its acquisition of 100 per cent of the shares in Click Energy Group Holdings Pty Limited (Click Energy) from amaysim Australia Limited (amaysim) for $115 million (the transaction).
Key players: The Herbert Smith Freehills team was led by partners Philippa Stone and Nicole Pedler, supported by lawyers across a range of practice groups in the firm’s Australian offices.
The Herbert Smith Freehills team worked closely with the AGL corporate development team, including Bopha Ly, head of corporate development, Amanda Liu, group counsel – corporate development and company secretariat, Ryan Ratilal, senior corporate lawyer – corporate development and secretariat, and Atanas Chernev, manager corporate development.
Deal significance: The transaction aligns with AGL’s growth strategy and leverages the investment made in customer service platforms, and is another step towards AGL achieving its target of 4.5 million customer services by FY24.
“I am delighted that the Herbert Smith Freehills team supported AGL in another successful transaction, following the recent acquisition by AGL of Southern Phone Company Limited on which Herbert Smith Freehills also advised. AGL has been a valued client for many years and we are proud to be involved,” Ms Stone said.
AGL CEO Brett Redman said this acquisition aligns with their growth strategy and builds on recent acquisitions of Perth Energy and Southern Phone Company.
The acquisition includes more than 215,000 energy services to customers, increasing AGL’s total services provided to almost 4.2 million services to homes and businesses across Australia and building on the strong growth achieved in FY20.
“We are proud to have assisted AGL in a milestone transaction, which will assist the company in its growth strategy. It is always a pleasure to work alongside the AGL team and we look forward to continuing to work with them in the future,” Ms Pedler added.