Energy One completes GMSL deal and adds Fluxys as strategic shareholder

GMSL acquisition reaches completion

Energy One Limited (ASX:EOL) has completed its acquisition of Gas Management Services Limited, converting a proposed European expansion into an operating subsidiary and handing Fluxys a significant influence over the listed software provider.

The transaction cleared its final conditions after foreign investment approval and shareholder approval at Energy One’s 15 October extraordinary meeting. The company had previously received the FIRB approval for GMSL deal, which allowed Fluxys UK to receive up to an 18.26% stake in Energy One.

Fluxys becomes largest shareholder

Energy One issued 7,089,780 fully paid ordinary shares to Fluxys UK as consideration. Fluxys now owns approximately 18.26% of the issued shares, making it Energy One’s largest shareholder. The shares are subject to voluntary escrow for 12 months from completion, subject to agreed exceptions.

The new ownership position also brings a formal governance link. Erik Vennekens has joined Energy One’s Board as a non-executive director and member of the Risk & Audit Committee. He was nominated by Fluxys and is not considered independent; Fluxys retains the right to nominate one director while it holds at least 10% of Energy One’s issued shares.

European operations expand through GMSL

GMSL provides software and round-the-clock operational services to gas and power companies across Europe. It has more than 100 staff, serves customers across 18 European gas networks and 15 power grids, and works with more than 100 shippers, traders and utility companies.

Fluxys will provide transition services to GMSL for six months after completion, while GMSL continues serving Fluxys group members under existing agreements. Those arrangements may be supplemented by additional long-term agreements under a Master Services Agreement, although the announcement does not say that those additional arrangements have been executed.

Energy One CEO Benjamin Tranier (ASX:EOL) described GMSL as complementary to the company’s European platform and its “One-Stop-Shop” proposition, while calling Fluxys a long-term strategic partner. The announcement does not disclose GMSL’s standalone financial contribution, acquisition accounting outcome or pro forma earnings effect, leaving the commercial impact of the transaction to be established in future reporting.