AGL enters binding agreement to acquire Click Energy Group

AGL Energy Limited has entered into an agreement for the acquisition of 100% of the shares of Click Energy Group Holdings Pty Ltd, a wholly owned subsidiary of ASX-listed amaysim Australia Limited, for AUD115 million or US$84.9 million. The transaction does not include amaysim’s mobile customer base or business.

Click Energy sells electricity to retail customers in New South Wales, Victoria, Queensland and South Australia and gas to retail customers in New South Wales and Victoria. The company also owns a utilities connection service provider, On The Move, which connects customers to various utilities including energy and telecommunications.

Completion of the acquisition is expected to occur on or by 30 September 2020, subject to the satisfaction of a customary condition precedent.