EPX Acquires Wattwatchers & Placement Capacity
SYDNEY: Australia-listed EPX Limited has submitted a proposal to acquire WattWatchers Pty Ltd, an energy data firm under voluntary administration, the company said in a statement on Tuesday.
EPX has offered a Deed of Company Arrangement (DOCA) to buy WattWatchers, a move recommended by the administrators for creditor consideration. Creditors are set to vote on the proposal at a meeting scheduled for Dec. 15.
The offer comprises a mix of cash and EPX ordinary shares and includes standard conditions precedent. If approved, the deal would see EPX take over WattWatchers’ assets, staff, intellectual property, technology, and sales contracts.
WattWatchers, which appointed administrators on Oct. 23, provides real-time energy monitoring hardware and software for commercial and residential markets. The acquisition would expand EPX’s building performance and energy data platform, which analyses data from more than 700 buildings across 25 countries.
“The transaction is not certain and is subject to the consideration of WattWatchers’ creditors,” EPX said, adding it would update shareholders after the creditors’ meeting.