Landis+Gyr and Pacific Equity Partners Announce Joint Venture for Acquisition of Acumen Metering Business - Seite 2

In parallel with the establishment of the joint venture, intelliHUB has entered into a five-year meter supply contract with Landis+Gyr with expected volumes of approximately 800,000 smart meters to be deployed to multiple utility customers across Australia and New Zealand.

"Landis+Gyr is the global leader in smart metering and offers the largest portfolio in the industry for utility companies and retailers that help bring the grid into the digital age.  We have been investing for several years in our products and solutions for Australia and the partnership with intelliHUB will be crucial to giving the Australian market access to the best of our global smart metering products, solutions and services technologies," said Richard Mora, Landis+Gyr's chief executive officer.

"With deep international experience and having supplied more than 2 million of the 2.9 million smart meters in Victoria, Landis+Gyr has deep knowledge of the Australian market and consumer expectations. In the Power of Choice market structure, bringing together two industry leaders is an ideal solution to meeting customers' requirements. We are very pleased to have partnered with PEP on this acquisition and we are excited to continue to deliver market leading service across the nation and helping consumers better manage their energy," Mora concluded.

Cameron Blanks, Managing Director at PEP said: "The Australian market is just commencing a major widespread deployment of smart metering technology.  This requires experienced partners that are acutely focused on the customer experience and getting the most out of this once in a generation technology refresh.  We have partnered with Landis+Gyr and we believe this business will create an independent and differentiated experience for energy retailers, providing an exceptional rollout experience with the global leader in metering innovation."

Mr. Blanks added: "We have quickly formed a strong partnership and smooth working relationship with the entire Landis+Gyr team, it has been a pleasure to work with Landis+Gyr's CEO Richard Mora and his colleagues in Australia. Together we have developed a robust model to put our combined expertise towards building and growing the intelliHUB business."

PEP and Landis+Gyr were advised on this transaction by Credit Suisse, Highbury Partnership and Ironstone.  Baker & McKenzie and Clayton Utz acted as legal advisers.