Mobile service reseller, ASX-listed amaysim Australia Limited, has announced a binding agreement to acquire Australia’s first online energy retailer Click Energy for A$120 million. The consideration will comprise A$80 million cash and A$40 million of scrip.
amaysim is a mobile virtual network operator providing subscription-based mobile plans powered by the Optus 4G network and is Australia’s fourth largest mobile services provider. Its business is conducted predominately online with a widespread physical third party retail distribution network, allowing it to offer services to a broad demographic all over Australia.
Click Energy is unique as an exclusively online energy retailer, selling electricity to private and business customers in Victoria, New South Wales and Queensland. It branched out into the gas industry in 2015 and is one of the fastest growing energy companies in Australia with nearly 155,000 customers. Click Energy acquires electricity and gas via the Australian Energy Market Operator, AEMO, and hedges against movements in the spot price.
MinterEllison acted for the lead arranger, CBA, on the syndicated facilities to fund the acquisition and to refinance amaysim’s existing facilities with Optus.
MinterEllison acted with a team led by partner John Mosley with assistance from special counsel Caitlin Chiu, senior associate Johanna Hendry and lawyers Miriam Athanassios and Ryan Ruslim.
Specialist support was provided by partner Allison Warburton and special counsel Joel Reid (Energy), partner Ben Smith, senior associate Nick Kipriotis and associate Sophia Bai (Corporate), and partner Harriet Eager and associate Bernadette McCabe (Human Resources).
Involved fees earner: John Mosley – Minter Ellison; Miriam Athanassios – Minter Ellison; Ryan Ruslim – Minter Ellison; Ben Smith – Minter Ellison; Sophia Bai – Minter Ellison; Nick Kipriotis – Minter Ellison; Caitlin Chiu – Minter Ellison; Johanna Hendry – Minter Ellison; Allison Warburton – Minter Ellison; Joel Reid – Minter Ellison; Harriet Eager – Minter Ellison; Bernadette McCabe – Minter Ellison;
Law Firms: Minter Ellison;
Clients: Commonwealth Bank of Australia;