SYDNEY: Energy One Limited has agreed to acquire Gas Management Services Limited (GMSL) from Belgian energy infrastructure group Fluxys for an enterprise value of A$99.8 million, the companies announced Wednesday.
The all-scrip transaction will see Energy One issue 7,089,780 shares to Fluxys, which will own 18.26% of the combined company. The acquisition is expected to close by November 2026 pending shareholder and regulatory approvals.
GMSL provides mission-critical software and 24/7 operational services for gas and power markets across Europe, including nominations, scheduling and balancing workflows. The UK-based company serves 134 customers and connects more than 400 counterparties across 18 European gas networks and 15 power grids.
“This partnership constitutes an important step in the pursuit of Energy One’s European growth,” Chief Executive Officer Ben Tranier said. “Together, our two companies will be even better positioned to support their clients in increasingly complex gas and electricity markets.”
The combined entity will have approximately 500 clients, 322 employees and pro forma revenue of A$102.5 million for fiscal 2026. Energy One expects the deal to be 35% accretive to pro forma earnings per share.
The company identified potential annual EBITDA synergies of approximately A$4.1 million, including A$1.9 million from cross-selling opportunities and A$2.2 million from operational efficiencies. Full realization is targeted by the end of fiscal 2028.
European revenue will represent approximately 70% of group revenue following completion, up from 56% currently.
Fluxys, which has owned GMSL since 2002, will remain closely involved as a strategic shareholder. CEO Pascal De Buck said the transaction represents “a unique opportunity” positioning the companies to address growing software and services challenges in gas, power and renewable markets globally.
The deal requires approval from Energy One shareholders and Australia’s Foreign Investment Review Board. Transaction costs of approximately A$5 million will be funded from existing cash and facilities.
GMSL employs 120 people at its Cambridge and Birmingham offices. The company reported normalized revenue of A$32.5 million and EBITDA of A$10.6 million for fiscal 2026.
The consideration shares will be subject to a 12-month voluntary escrow period.
