iSelect Ltd Stock Market Press Releases and Company Profile
iSelect Ltd To Acquire Energy Watch
iSelect Ltd To Acquire Energy Watch

Melbourne, May 30, 2014 AEST (ABN Newswire) - iSelect Limited (googlechartASX:ISU) today announced it had agreed to purchase all of the shares in General Brokerage Services Pty Ltd (trading as "Energy Watch") for AU$10 million. Energy Watch is an Australian retail energy product comparison service. Completion of the acquisition is subject to the satisfaction of a number of conditions.

iSelect Chief Executive Officer Alex Stevens said the acquisition was an excellent strategic fit and marked another significant step forward in diversifying iSelect's revenue streams.

"iSelect Energy launched in early 2012 and it's a market we understand well. Energy is currently one of our fastest-growing businesses, underpinned by strong consumer demand and the ability of the iSelect end-to-end advice model to effectively meet that demand," said Mr Stevens.

"While we intend to operate Energy Watch as a separate business and brand for the foreseeable future, we believe the acquisition will unlock significant synergies with our existing iSelect Energy comparison business," he said.

"In terms of the retail energy market itself, we anticipate substantial retail energy price fluctuations to continue, coupled with ongoing deregulation of state energy markets. These factors will drive increased price sensitivity among consumers and a heightened need to select the best value energy products," said Mr Stevens.

The acquisition of Energy Watch will increase the size of iSelect's energy business, and see the iSelect Group become a leader in retail energy comparison.

It is expected that the acquisition will be Earnings Per Share (EPS) accretive in FY15 and beyond.

"Today's announcement reinforces our commitment to grow both organically and through sensible acquisitions, and builds upon our trusted consumer offering and market position as a leading Australian comparison service," said Mr Stevens.

Funding

The acquisition will be funded by existing cash holdings.

Completion

The acquisition is subject to all necessary regulatory approvals and the completion of a number of commercial matters to the satisfaction of iSelect.


About iSelect Ltd

iSelect Ltd (ASX:ISU)iSelect Ltd (ASX:ISU) is a leading Australian online-driven comparison service that compares insurance, household utilities and personal finance products. iSelect provides consumers with the convenience of online comparison and the benefit of telephone-based advice and sales. iSelect has two key brands, iSelect (www.iselect.com.au) and InfoChoice (www.infochoice.com.au) and a highly trained and experienced team of more than 220 Australian-based telephone advisors.

iSelect has developed specialised technology that, together with its Consumer Advice Team, helps to deliver a tailored consumer experience.

iSelect offers consumers a free analysis of their product needs followed by a comprehensive review of products from its Product Provider panel. This enables consumers to avoid spending their time visiting multiple suppliers and comparing non-standardised products and also enhances their ability to find a product better suited to their needs, at a given price point.

abnnewswire.com 


Contact

Matthew Cuming
Head of Corporate Affairs
and Investor Relations
iSelect Limited
Mob: +61-421-566-787
Email: mcuming@iselect.com.au



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