TrustPower Limited has reached agreement to purchase the key assets of Energy Direct New Zealand, often referred to as Energy Direct or EDNZ, for $13.65 million (subject to a post-completion working capital adjustment).
The agreement, which will see TrustPower taking over the assets of EDNZ including approximately 15,000 electricity ICPs and 10,000 gas ICPs, will take effect from 1 July 2013.
Existing EDNZ staff will become members of the wider TrustPower team, but the EDNZ business will continue to serve customers from its Wanganui base.
Like EDNZ, TrustPower is a provincial, not big city, based energy company, recognised for real customer service and a personal touch. EDNZ's customers are located close to TrustPower's 32MW Patea hydro scheme and the 161MW Tararua Wind Farm.
TrustPower Chief Executive, Vince Hawksworth, says those two factors, along with TrustPower's intention to grow from a regional New Zealand electricity supplier to a leading multi-product utility provider, made EDNZ an attractive prospect.