Mobile telco reseller Amaysim has acquired Click Energy for $120 million, pre-empting plans for an initial public offering of the junior electricity retailer and setting itself up to be able to broaden its offering to customers.

The deal, to be funded $80 million by cash and the rest by scrip, comes as analysts were poring over the "pathfinder" prospectus for the IPO, which was expected in mid to late May.