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Ausgrid acquires smart metering business
Ausgrid has nabbed more than 230,000 digital meters across Australia in its latest acquisition from AGL Energy Limited.
Emma Musgrave
Firms: Herbert Smith Freehills (Ausgrid); KPMG (Ausgrid); Allens (AGL Energy Limited)
Value: Undisclosed
Area: M&A
Key players: The Herbert Smith Freehills team was led by partner David Ryan, with assistance from senior associates Jennifer Harding and Bailee Walker.
The Allens team comprised managing associate Melissa Keane, and partners Anna Collyer and Wendy Rae.
Deal significance: According to a statement from Herbert Smith Freehills, Active Stream has more than 230,000 digital meters across New South Wales, Queensland and South Australia.
“As part of the transaction, the parties will enter into a services agreement under which Active Stream will continue to supply non-exclusive metering services to AGL following completion”, the firm said.
“The Active Stream business will be operated by Ausgrid as a key foundation of its new ‘unregulated’ business, established to comply with the Australian Energy Regulator’s requirements for ring-fencing by electricity network businesses.”
Commenting further on the transaction, Herbert Smith Freehills partner David Ryan said: “The Australian Energy Market Commission’s Power of Choice rule changes make this an exciting time for the digital metering industry”.
“Smart metering is likely to be key to a range of developments in customer engagement with the electricity market,” he said.
“We are delighted to have assisted Ausgrid as it creates a key platform to capitalise on the expected growth in this market.”
Allens managing associate Melissa Keane also spoke on behalf of her firm on the significance of the transaction.
"We congratulate AGL on this market-leading sale, part of its broader strategy to become technology agnostic in its provision of products and services," she said.
"We expect this transaction will be the first of many in the sector as a result of the Power of Choice reforms, and we're proud to be leading the market with this advice."
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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