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Z Energy acquires major share in electricity supplier

New Zealand’s leading fuel retailer has invested NZ$46 million (USD 30.7mn) to acquire a 70.1% shareholding in Flick Electric, the Wellington based retail electricity supplier.



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The investment brings together an electricity industry disruptor and New Zealand’s largest transport energy company, according to a press release.

Z’s Chief Executive, Mike Bennetts, said that the companies will be focused on maximising the innovation potential of the energy sector as it transitions to a lower carbon future.

“We view this as a partnership that brings together Flick’s start-up mentality, differentiated offer, technology and talent, along with Z’s innovation and marketing capability, operational scale and resources,” said Mike.

Flick Electric was the first power company in the country to offer customers access to the wholesale price of electricity.

Flick Electric is a privately held company that reported revenues of NZ$43.4 (USD 29mn) million for the financial year ended 31 March 2018.

Z Energy will pay an initial consideration of NZ$15.6 million for 22% of Flick in new issued capital and an additional $30.4 million for the purchase of an additional 48.1% of existing shares to take the total shareholding to 70.1%. In the next quarter the governance of Flick will change to reflect Z’s majority shareholding position.

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