SYDNEY: Ampol Limited announced Thursday that it has entered into a share sale agreement to acquire 100% of Fast Cities Australia Pty Ltd, known as Evie Networks, for 225 million Australian dollars.

The acquisition, made through wholly owned subsidiary Ampol Energy Pty Ltd, will position Ampol as a leading public battery electric vehicle charging platform in Australia, adding more than 1,030 charging bays and creating a combined network of approximately 1,425 bays across more than 400 sites as of Sept. 29.

Ampol CEO and Managing Director Matt Halliday said Evie Networks is a highly complementary business that significantly expands the scale, reach and capability of the company’s charging offer.

“The acquisition secures a portfolio of well-located sites with long-dated average lease tenure and established grid access that we believe will become increasingly valuable as BEV adoption accelerates in the years ahead,” Halliday said.

The combined business is anticipated to achieve annualized EBITDA of 30 million Australian dollars, including synergies, within three years post-completion, with double-digit annual growth expected thereafter. Ampol is targeting approximately 10 million Australian dollars in mostly cost synergies within three years and expects the combined charging business to reach breakeven EBITDA in 2028.

The transaction will be fully debt-funded. Ampol said it remains committed to maintaining a strong balance sheet and its current Baa1 investment grade credit rating, adding that the deal is expected to have a nominal impact on leverage.

The acquisition is subject to Australian Competition and Consumer Commission clearance and other customary conditions. Completion is targeted for the first half of 2027, with full integration expected to take approximately three years.

Evie Networks, a proven infrastructure owner and operator for nine years, owns and operates one of Australia’s largest public fast-charging networks, with stations across urban, regional and highway locations. The company also provides charging solutions for commercial fleets, vehicle manufacturers, governments and retail partners.

Independent market analysis indicates Australia’s public DC fast-charging market remains the largest value pool in the BEV charging market and is expected to grow substantially over the coming decade.

UBS is acting as financial adviser to Ampol, with Clayton Utz and Herbert Smith Freehills Kramer serving as legal advisers.