Herbert Smith Freehills has advised IntelliHub and its shareholders, including Pacific Equity Partners (PEP), on the sale of securities, a new share subscription, and the establishment of a new strategic joint partnership with Brookfield.
PEP’s IntelliHub acquisition was announced on 15 September 2022 as the Australian Investment Council’s Large Cap (>$500 million) 2022 Investing for Growth Award winner.
The IntelliHub Group is an Australian and New Zealand-based utility services company that delivers innovative smart metering and data solutions that assist in facilitating the transformation currently occurring in energy markets.
The complex transaction included a subscription and sale to Brookfield, along with a sell down by long-term shareholder Landis + Gyr, and the related party divestment of the CrescoNet group to a new joint venture between PEP and Brookfield. Alongside the transaction, IntelliHub also purchased a significant number of embedded network meters from Origin Energy and utility service provider WinConnect and expanded the group’s long-term arrangements with Origin Energy.
The Herbert Smith Freehills team was led by corporate private equity partner Clayton James, with senior associate Jack McDonell and solicitor Taseen Rafi. The team was assisted in completing the transaction by finance partner Hayley Neilson and senior associate Kelvin Choy, along with corporate TMT partner Peter Jones and solicitor Kosta Hountalas.
Herbert Smith Freehills partner Clayton James said, “It was fantastic to work with PEP and the IntelliHub management team on this landmark transaction and the establishment of the PEP and Brookfield partnership. We look forward to seeing the future growth and success of the IntelliHub business.”