Beijing State-owned Capital Operation and Management Company Limited agreed to acquire CovaU Pty Ltd from TPC Consolidated Limited for approximately AUD 100 million.

TPC Consolidated Limited is an Australia-based energy retailer. The Company is engaged in the provision of retail electricity and gas services to residential and business customers and the provision of pre-paid mobile and related services in Australia. The Company owns and operates Australia-based electricity and gas retailer CovaU (cover you), which offers competitively priced products to household as well as business (small and medium enterprises, commercial, and industrial) customers. The Company’s CovaU business offers a range of products, from conventional gas and electricity through to solar, wind, and green power plans across Australian states and territories. The Company’s segments include energy services and telecommunication services. The Company is focused on a suite of renewables segment-related energy products as consumers prefer energy sources that accelerate the decarbonization process.