Bunnings – Intellihub – Zelora Joint Venture

MN-90029

Bunnings Group Pty Ltd (Bunnings) and Intellihub Australia Pty Ltd (Intellihub) are parties to an existing unincorporated joint venture which trades as Zelora. Zelora supplies home renewable energy solutions. Its services include supplying, installing and supporting customised solar panel and battery solutions through either a subscription-based or outright purchase model. Bunnings is part of the ASX listed Wesfarmers Group and is a retailer of home improvement and lifestyle products in Australia and New Zealand. Intellihub provides multi-utility services, including electricity and water metering as well as technology, installation and maintenance for other energy management services such as solar, batteries and hot water systems, EV charging and virtual power plants. Intellihub also operates the Enreal business which offers solar, battery and home energy management systems on a subscription or outright basis. Bunnings and Intellihub have agreed to establish an incorporated joint venture which will operate the existing Zelora business. The transaction will involve: 1. Bunnings and Intellihub (through related entities) acquiring shares in a newly incorporated entity Zelora TopCo Pty Ltd (which, together with its subsidiaries, is referred to as the Zelora JV); and 2. the Zelora JV subsequently acquiring the assets used in the existing Zelora business as well as existing assets of Intellihub's Enreal business, (the Acquisition).