Origin Energy has agreed to sell its metering business, Acumen, for $267 million.
Acumen will be bought by intelliHUB, a company to be jointly owned by Pacific Equity Partners and Landis+Gyr.
Origin has also committed to a competitive long-term agreement with Acumen for the ongoing deployment and management of digital meters for Origin’s electricity customers.
On completion of the sale, intelliHUB will comprise Acumen and Landis+Gyr’s existing Australian meter service activities.
Origin CEO Frank Calabria said, “We are pleased to deliver on our commitment to sell and realise value from Acumen, a business that we’ve grown from scratch over the past eight years to now having more than 170,000 meters under management.
“A very competitive long-term metering contract with Acumen, enhanced by Landis+Gyr’s global expertise in digital meter technology, deployment and management services, will support our digital-first strategy of using data and insights to enhance the customer experience.”
Origin remains able to contract with other parties for deployment and management services for the uncontracted balance of its digital metering requirements. The sale is expected to complete on or prior to 30 June 2018.