Hive Legal has advised Origin Energy in its sale of Acumen, its smart metering business, for $267m.
The unit, launched by the company as an in-house digital metering business eight years ago, was sold to intelliHUB, which is jointly owned by investment manager Pacific Equity Partners and Swiss energy company Landis+Gyr.
Hive Legal’s team was led by principals Jeremy Snow, Andrew Brookes, and Joanna Green. As part of the sale process, they advised on business and sale structure, regulatory and data issues, evaluation of bids, and preparation and negotiation of the transaction documents.
Hive Legal also negotiated a suit of long-term metering service agreements, which were part of the deal.
The acquisition represents a significant development in the competitive metering market in Australia’s National Electricity Market, following major metering regulatory reforms that came into effect last December, Hive Legal said.
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