Online energy retailer Click Energy will be snapped up by power giant AGL Energy under a $115 million buy out agreed with the target’s owner amaysim.
Click Energy sells electricity to private and business customers in Victoria, NSW, South Australia and Queensland and gas to retail customers in NSW and Victoria at competitive prices underpinned by its lower cost online operation.
AGL Energy said the deal brings it even closer to its 2024 goal to have 4.5 million customers.
“The acquisition includes approximately 215,000 energy services to customers, increasing AGL’s total services provided to almost 4.2 million services to homes and businesses across Australia,” CEO Brett Redman said in a statement on Monday.
Some 97 per cent of Click Energy’s customers use online billing and AGL Energy says this is a good fit with its own business which is expanding digital customer services.
The transaction is due to be completed in September.
Amaysim, which retains its mobile business, said the sale removed its exposure to a potential coronavirus related increase in bad debts and shores up its balance sheet.