Firms act as telco buys online energy retailer

by |
Three top-tier law firms advised on a deal that positions a telecommunications company closer to its dreams of becoming a major player in the smart home space.

King & Wood Mallesons advised amaysim, which has acquired online energy retailer Click Energy for $120m. MinterEllison advised Commonwealth Bank, which acted as the lead arranger in the deal. Click Energy was advised by Herbert Smith Freehills,

The deal, which is comprised of $80m cash and $40m of scrip, accelerates amaysim’s strategy of providing multiple services to Australian households to ultimately become a significant presence in the smart home, the telco company said. In financial terms, the acquisition is expected to be more than 20% EPS accretive after tax and amortisation in the 2018 fiscal year.

The KWM team was led by partners Scott Gardiner and Paul Schroder. The HSF team was led by partner Tim McEwen, who was assisted by senior associates Sam Kings, Alex Mackinnon, and solicitor Amanda Cowan.

The MinterEllison team was led by partner John Mosley, who was assisted by 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 from the energy practice; partner Ben Smith, senior associate Nick Kipriotis, and associate Sophia Bai from the corporate practice; and partner Harriet Eager and associate Bernadette McCabe from the human resources practice.

Amaysim, Australia’s fourth-largest mobile operator, operates a virtual mobile network on the Optus 4G network. Click Energy sells energy online and has nearly 155,000 customers in Victoria, New South Wales, and Queensland.

Related stories:
Firms act as Japanese paper giant acquires majority of new Australasia business
Top firm advises NSW on historic land titles registry lease