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