It’s been a tumultuous time for AGL Energy, the $7.7 billion electricity and gas giant backed by billionaire businessman Mike Cannon-Brookes, with plenty of hand wringing about the company’s strategy.
Now that this has been ironed out – and with shares up more than 10 per cent since the start of the year – it appears the energy retailing and generation group is out to make a major acquisition. And Firm Power, a 6GW battery energy storage system is its purchase of choice.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
