Belgian infrastructure group, Fluxys, is converting its software operations into a strategic global equity position, taking an 18.26 percent stake in Australian Energy One.
Under the all-scrip transaction, Fluxys will transfer 100 percent of its UK-based software affiliate, Gas Management Services Limited (GMSL), to Energy One in exchange for 7,089,780 new shares. “The combination of our expertise, technologies and services will create a stronger platform to support customers as energy markets continue to evolve and become more interconnected,” Fluxys senior VP of business development and M&A, Raphaël De Winter, shares the rationale behind the deal.
CEO and MD Pascal De Buck agrees, explaining that joining forces with Energy One is a unique opportunity for both Fluxys and GMSL. “By combining GMSL’s expertise and product suite with Energy One’s integrated solutions, we are well positioned to meet the growing software and services challenges across the gas, power and renewables markets – globally.”
Acquired by Fluxys in 2002, GMSL provides specialist 24/7 market operations, gas nominations, scheduling and connectivity software for energy traders and grid operators across Europe. With Fluxys’ backing, GMSL has grown to an annual revenue of approximately €20 million, with over 120 professionals supporting more than 100 clients across 25 markets.
Subject to customary shareholder approvals, the deal will also grant Fluxys a seat on Energy One’s board of directors, allowing it to continue supporting GMSL. “Having been part of GMSL’s journey from its early days over the past 30 years, I am incredibly proud of what we have built together, and even more optimistic about what we will achieve in the years ahead,” notes GMSL COO George Wych. “I see this moment as an exciting new chapter that will open new opportunities for our customers, our people and our partners.”
He adds that Fluxys's continued participation also underscores confidence in the combined company's future.
“We see significant opportunity in bringing together the complementary strengths, expertise and experience of both organisations to create a broader software and services platform for energy markets,” elaborates Ben Tranier, CEO at Energy One. “Together, the two businesses will be even better positioned to support customers operating in increasingly complex gas and power markets.”
He reveals that this is the largest transaction in Energy One’s history and an important milestone in the company’s evolution and continued growth. “Our priority will be to maintain service quality, support our customers and preserve the expertise, culture and customer focus that have made both businesses successful.”
The transaction is subject to shareholder approvals and completion conditions. It is expected to be completed before the end of 2026. “This is an exciting new chapter for our teams, our customers and our partners, and I look forward to the opportunities ahead,” concludes
Raphaël.
