Ampol has agreed to acquire 100% of Australian electric vehicle charging company Evie Networks for $225 million through its wholly owned subsidiary Ampol Energy.
The acquisition will add more than 1,030 public battery electric vehicle charging bays to Ampol’s existing AmpCharge network.
The combined platform will have approximately 1,425 charging bays across more than 400 locations in Australia.
Evie’s portfolio includes fast and ultra-fast charging locations across urban, regional and highway markets, with a weighted-average lease expiry of approximately 10 years.
Many of the sites already have established grid connectivity, and some have spare grid capacity that could support additional charging infrastructure as demand increases.
Ampol said combining Evie Networks with AmpCharge will give it a faster and more capital-efficient route to scale in Australia’s public DC fast-charging market.
The company expects the combined charging business to reach annualized EBITDA of approximately $30 million, including synergies, within three years after the acquisition closes. Ampol expects double-digit annual growth thereafter.
Ampol is targeting approximately $10 million of primarily cost synergies within three years of completion.
The company expects the combined charging operation to reach breakeven EBITDA in 2028, which would be its first full calendar year after the transaction closes.
The acquisition will be fully debt funded. Ampol said it remains committed to maintaining its Baa1 investment-grade credit rating and expects the transaction to have a nominal impact on leverage.
Completion is targeted for the first half of 2027, subject to clearance from the Australian Competition and Consumer Commission and other customary conditions.
Full integration is expected to take approximately three years after closing.
UBS is serving as financial adviser to Ampol. Clayton Utz and Herbert Smith Freehills Kramer are serving as legal advisers.
KEY QUOTES:
“Evie Networks is a highly complementary business that significantly expands the scale, reach and capability of our charging offer to support consumer and fleet customer choice of charging providers and locations.
“The acquisition secures a portfolio of well-located sites with long-dated average lease tenure and established grid access that we believe will become increasingly valuable as BEV adoption accelerates in the years ahead.
“The principal Evie Networks shareholder, Trevor St Baker AO, has been a genuine pioneer of Australia’s BEV charging industry and his vision and capability have built Evie Networks’ national platform and the foundations for broader BEV adoption across Australia. Combined with Ampol’s customer relationships, operational capabilities and balance sheet, we believe the combined platform will be well positioned to capture future growth in public charging demand.”
Matt Halliday, CEO and Managing Director of Ampol
