Chapman Tripp advised Mercury on the sale of its smart-metering business, Metrix, to intelliHUB Group for a cash consideration of $270m.
Metrix, whose core business is the provision of advanced metering infrastructure, evolved out of the Auckland Electric Power Board, drawing on more than 80 years of asset management expertise and is one of the most experienced metering companies in New Zealand. intelliHUB Group is a leading global smart meter provider owned by Pacific Equity Partners and Landis+Gyr.
The Chapman Tripp deal team was led by partner Rachel Dunne, with partners Kelly McFadzien, Graeme Olding, Senior Solicitor Philip Ascroft and Solicitors Hamish Reid and Maxine Vercoe. In-house counsel Clare Waalkens was the Mercury legal team lead on the transaction.
Partner Rachel Dunne said it was a complex deal for a number of reasons. “Although the Metrix business operates as a standalone from Mercury, the business and assets are currently owned by Mercury. The transaction required the negotiation of inter-conditional agreements for the sale of the business and assets into a newly formed subsidiary and the sale of shares in that subsidiary to intelliHUB Group. Mercury and intelliHUB Group also negotiated the terms of a Master Services Agreement for the continued provision of metering services to Mercury from completion of the transaction.”
Russell McVeagh acted for intelliHUB Group. The deal is expected to settle on 1 March 2019.