Australian mobile service provider amaysim has announced it is moving into the energy market with the acquisition of online energy retailer Click Energy.
The $120m transaction is expected to be complete by June and also includes utility connection service provider On The Move.
The acquisition will be funded through a combination of new equity and debt, with $40m worth of shares to be issued to Click and $80m in cash funded through a CBA loan.
“The emergence of multi-retail product offerings in the home has been a part of Click’s strategic plan, as we have seen this evolve in other markets globally,” Click Enegy CEO and managing director Dominic Drenen said.
“We are delighted to be a part of amaysim and take the lead in the Australian market place.”
Amaysim CEO Julian Ogrin said the acquisition represents a natural extension of amaysim’s success in disrupting the mobile telco market since entering it in 2010, and is the next step in an ambitious vision to become the “remote control” for the smart home.
There will be no change to Click Energy and On The Move operations and no impact to existing customer contracts.
Click Energy was launched in 2006 and offers electricity in Victoria, NSW, Queensland and South Australia, and gas in Victoria and NSW.