AGL Energy Limited (ASX:AGL) entered into an agreement to acquire Click Energy Group Holdings Pty Ltd from amaysim Australia Limited (ASX:AYS) for approximately AUD 120 million on August 31, 2020. The transaction does not include amaysim's mobile customer base or business. The acquisition will be financed from AGL's existing debt facilities. Click Energy Group Holdings Pty Ltd will be transferred free of cash and debt.

Transaction is subject to the satisfaction of a customary condition precedent and amaysim repaying AUD 53.05 million of debt to amend its banking facilities and amaysim has signed facility amendment documents with its syndicate banks. Completion of the acquisition is expected to occur on or by September 30, 2020. Proceeds of AUD 115 million from the Energy Divestment will be used to repay AUD 53.05 million of debt in line with agreements with amaysim's lenders. AGL expects the acquisition to be modestly accretive to AGL's underlying earnings. Luminis Partners as financial adviser and King & Wood Mallesons as legal adviser for amaysim Australia Limited (ASX:AYS) and Click Energy Group Holdings Pty Ltd. Philippa Stone, Nicole Pedler, Jennie Bian, Scott Preswick, Alex Marks, Nick Baker, Liza Carver, Kwok Tang, Tony Cooke, Kristie Ho, Thomas Gooch, Nayan Bhathela, Amalia Stone, Samuel Gonski, John Angus, Rob Allen, Michael Gonski, Philip Hopley, Steven Rice, Guy Spielman, Nicholas Cowie, Matthew Bennett, Winsome Hall, Bopha Ly, Amanda Liu, Ryan Ratilal, Atanas Chernev and Leon Chung of Herbert Smith Freehills acted as legal advisor to AGL Energy Limited. Ernst & Young Australia acted as financial due diligence provider and Ernst & Young Transaction Advisory Services Limited acted as accountant to amaysim Australia Limited.