AGL has acquired 19.9 per cent of the Melbourne-based company’s shares for 52 cents a share and made a cash offer for the remaining shares.
The deal will need Australian Competition and Consumer Commission approval but AGL chief Michael Fraser said he was confident the high churn rates in the industry meant the acquisition would not lessen competition.
“The acquisition of APG will further strengthen AGL's retail business. It will increase our total customers by approximately 10 per cent, effectively achieving our goal of 800,000 electricity customers in New South Wales,” Mr Fraser said.
“We will create value by leveraging our lower cost-to-serve across the APG customer base. The transaction provides compelling value to APG shareholders and will enable APG customers to obtain enhanced products and services.”
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