Queensland Investment Corporation (QIC Limited) is the latest name to surface in Ausgrid's Plus ES smart metering sale process, going up against groups like Kohlberg Kravis Roberts (KKR & Co. Inc. (NYSE:KKR)) in its quest to gain control of the business. QIC is already a player in the metering sector, with its Bluecurrent business, which it formed through the purchase of Vector's Australia and New Zealand metering business in 2023, up for sale for about NZD 2.5 billion.
One stumbling block could be gaining Australian Competition & Consumer Commission clearance, with many in the market reporting approvals from the com-petition watchdog are taking longer and are coming at a more costly price. Its plan is to roll up the business to create economies of scale. KKR is a bidder, while Macquarie Asset Management (Macquarie Asset Management Pty Limited) and EQT AB (publ) (OM:EQT) are also expected to take a look at the smart metering and energy services offering.
Promotional material is out in the market this month for the unit, which could fetch about AUD 2.5 billion. RBC Capital Markets is advising on the sale.
