May 1 (Reuters) - Origin Energy Ltd (ORG) :
- ESTABLISHED A STRATEGIC PARTNERSHIP WITH OCTOPUS ENERGY
- PROPOSED DEAL FOR STAGED CONSIDERATION $134 MILLION ON COMPLETION AND $373 MILLION OVER FOUR FINANCIAL YEARS
- WILL ACQUIRE A 20% INTEREST IN OCTOPUS & A LICENCE IN AUSTRALIA TO ITS CUSTOMER PLATFORM, KRAKEN
- OVER NEXT 24-30 MONTHS, CO WILL TRANSFER ITS 3.8 MILLION RETAIL ELECTRICITY & GAS CUSTOMER ACCOUNTS TO KRAKEN PLATFORM
- TARGETING PRE-TAX CASH SAVINGS OF $70-80 MILLION IN FY2022 FROM DEAL
- WILL APPOINT ONE DIRECTOR AND AN OBSERVER TO OCTOPUS BOARD
- SEES PRE-TAX CASH SAVINGS INCREASING TO $100-150 MILLION ANNUALLY FROM FY2024 FROM DEAL
- TRANSACTION EXPECTED TO DELIVER RETURNS MATERIALLY ABOVE COST OF CAPITAL
- TO PROVIDE 3-YEAR GUARANTEE TO SUPPORT OCTOPUS WORKING CAPITAL FACILITY OF UPTO £160 MILLION IN 1ST 2 YRS, REDUCING TO MAX £110 MILLION IN YEAR 3
News: ORG Origin Energy Says Established A Strategic Partnership With Octopus Energy
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$12.40 |
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