Chapman Tripp has helped sell a smart-metering business for $270m.
The top firm advised Mercury on the sale of Metrix to Australia-based intelliHUB. The acquirer, which is backed by Pacific Equity Partners and Landis+Gyr, was advised by Russell McVeagh.
Metrix, one of the most experienced metering companies in New Zealand, traces its roots to the Auckland Electric Power Board. Its base of about 460,000 smart meters expands intelliHUB’s armada of controlled meters to almost 2 million in Australia and New Zealand.
Rachel Dunne, Chapman Tripp’s lead partner on the deal, explained what made the transaction complex.
“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,” she said.
Dunne was supported by partners Kelly McFadzien and Graeme Olding, senior solicitor Philip Ascroft, and solicitors Hamish Reid and Maxine Vercoe.
The Mercury legal team was headed by in-house counsel Clare Waalkens.