Shell Completes Acquisition of Oz ERM Power
Anglo-Dutch major Shell has completed the A$617mn ($415mn) acquisition of Australian utility ERM Power, Shell Australia said November 29. The deal was announced in August this year.
Greg Joiner, the vice president of Shell Energy in Australia, which to date has primarily focused on gas trading, will take on the role of CEO of ERM. In the future, the two businesses will be integrated and ERM rebranded as Shell Energy, the company said. ERM Power has a gas-only fleet and only sells to business customers.
“ERM will become Shell’s core power platform in Australia and substantially accelerate our position in the Australian market,” Joiner said.
At the time of the announcement of the deal, Shell said that the acquisition aligns with its global ambition to expand the integrated power business and builds on Shell Energy Australia’s existing gas marketing and trading capability.