Landis+Gyr has reached an agreement with private equity firm Pacific Equity Partners to acquire an Australian company managing smart meters.
Landis+Gyr and Pacific Equity Partners have joined to form intelliHUB Holdings, a company that will acquire Acumen from Australian retailer Origin Energy.
To date, Acumen manages some 170,000 smart meters and is contracted with its owner to add more smart meters across Australia.
The acquisition is expected to close in the coming few months.
IntelliHUB business was initially established by Landis+Gyr in 2015 under efforts by the company to prepare for mass rollout of smart meters in Australia as well as expanding the company's footprint in the Asia-Pacific region.
Landis+Gyr says it is confident its acquisition of Acumen will help expand its role in deploying eight million smart meters set to be deployed in Australia.
This includes a five year contract between Landis+Gyr and intelliHUB for the provision and installation of approximately 800,000 smart meters to be deployed across Australia and New Zealand.
The company will be contributing both cash and its intelliHUB business with a combined equity value of up $57 million towards the rollout.
In total, intelliHUB has raised AUD 500 million in capaital towards rollout of smart meters. The capital raised includes PEP's new AUD 1 billion Secure Assets Fund and a banking consortium of eight leading Australian and global financial institutions.
The integrated intelliHUB and Acumen brand will focus on all facets of residential, consumer and industrial, embedded networks and solar metering services.
Richard Mora, Landis+Gyr's CEO, said: "With deep international experience and having supplied more than two 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."