Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


intelliHUB to acquire Mercury NZ’s smart metering business

intelliHUB today announced it will acquire Metrix, the smart metering business of Mercury NZ Limited (Mercury) in New Zealand, significantly expanding its meter footprint and capability to rollout innovative smart metering solutions in Australia and New Zealand.

intelliHUB CEO Adrian Clark said: “We are very pleased to be acquiring Metrix which is a well established and strategically aligned business that will create significant opportunities for our customers across Australia and New Zealand.

“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,” Mr Clark added.

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’s installed base of approximately 460,000 smart meters takes intelliHUB’s total of independently contracted or controlled meters to almost 2 million, and cements intelliHUB as a leader in smart metering services,” Mr Clark said.

Mercury Chief Executive Fraser Whineray said: “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.”

IntelliHub is majority owned by Pacific Equity Partners through its Secure Assets Fund. PEP Director Evan Hattersley said: “This is a highly attractive acquisition of a strongly performing business of significant scale.”

“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 Deal will be the second for the Fund since launching earlier this year and builds on PEP’s 20 year track record of successfully investing in stable platforms and backing strong management teams to deliver enhanced investment returns.

The acquisition is expected to be completed during the first quarter of 2019 and for an approximate EV of $NZ270m.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>

Climate Leaders Coalition: Launches New Statement Of Ambition, Appoints New CEO Convenor

The Climate Leaders Coalition is tonight officially launching a new Statement of Ambition to accelerate business action on climate change... More>>

Retail: New Law Paves Way For Greater Supermarket Competition

Legislation that bans major supermarkets from blocking their competitors’ access to land to set up new stores paves the way for greater competition in the sector, Minister of Commerce and Consumer Affairs Dr David Clark said... More>>

MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>

Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>
Entrust District: Dividend Will Be Welcomed After Another Tough Year
We’ve all heard of the saying; “if it sounds too good to be true, it probably is” but for Aucklanders within the Entrust District, getting their share of Entrust’s 2022 annual dividend payment really is as good as it sounds... More>>