Energy One Limited (ASX: EOL) to Acquire GMSL in A$99.8 Million All-Scrip Deal

Energy One Limited has agreed to acquire Gas Management Services Limited from Fluxys UK, expanding its European energy software and services operations.

The deal values GMSL at A$99.824 million, based on Energy One’s 15-day volume-weighted average share price of A$14.08. Consideration will comprise 7,089,780 new Energy One shares.

Fluxys will own 18.26% of the enlarged company after completion. Its consideration shares will be subject to a 12-month voluntary escrow.

Earnings and European exposure

Energy One expects the acquisition to lift pro forma adjusted earnings per share by 35%, before identified synergies. The calculation uses FY26 underlying earnings on a pre-AASB 16 basis.

Combined FY26 pro forma revenue would reach A$102.5 million. That compares with A$69.9 million for Energy One and A$32.5 million for GMSL.

Pro forma EBITDA would be A$29.9 million, producing a combined margin of 29%. Cash EBITDA would total A$25.2 million.

Europe would contribute about 70% of combined revenue, against 56% for Energy One alone. The enlarged group would serve 500 clients and employ 322 full-time staff.

The transaction therefore changes both Energy One’s scale and geographic mix. It also adds deeper exposure to gas scheduling, nominations, balancing and round-the-clock operational services.

What GMSL brings

GMSL provides software and services for critical European gas and power market workflows. Its platform connects with more than 400 counterparties and supports 134 customers.

The business generated normalised FY26 revenue of A$32.5 million and adjusted EBITDA of A$10.6 million. That represents a 33% EBITDA margin.

Revenue grew at a 7% compound annual rate between FY23 and FY26. Average revenue churn across the past three calendar years was 0.7%.

GMSL’s strengths include physical scheduling, UK settlement services and gas shipping lifecycle automation. These complement Energy One’s power-market software, market access tools and trading automation.

Energy One said the purchase price represents 9.4 times GMSL’s FY26 pro forma EBITDA, before potential synergies.

Synergies and integration costs

Energy One has identified up to A$4.1 million of potential EBITDA benefits. This includes about A$1.9 million from revenue synergies and A$2.2 million from operational efficiencies.

Revenue benefits are expected from cross-selling Energy One products into GMSL’s customer base. Operational savings may come from shared back-office services, technology platforms and infrastructure contracts.

Synergy delivery is targeted to begin in FY27 and reach its full run rate by the end of FY28. Energy One forecasts about A$2.5 million of one-off integration costs over two years.

Separately, transaction costs will have an estimated A$5 million cash impact. These costs will be funded from existing cash and facility headroom.

Approvals and ownership

Completion is targeted for November 2026. The deal requires Energy One shareholder approval, Foreign Investment Review Board clearance and continued ASX quotation.

Fluxys may nominate one Energy One director while holding between 10% and 20% of the company. The parties also plan a master services agreement covering services GMSL will provide to Fluxys after completion.