Energy giant AGL has agreed to sell its smart metering subsidiary Active Stream to NSW electricity distributor Ausgrid for a post-tax profit of $25 million.
AGL said its sale of Active Stream will enable it to be "technology agnostic" in the development of new "data-enabled" products and services "regardless of meter provider".
The acquisition comes ahead of new reforms - dubbed 'power of choice' - that are due to come into effect on December 1. The reforms are expected to boost use of digital meters.
Since it was established in 2014, Active Stream has grown to operate more than 230,000 smart meters across NSW, Queensland and South Australia.
It will continue to provide smart metering services to AGL on a non-exclusive basis after the acquisition completes in December.
AGL rival Origin Energy is also looking at options - including a potential sale - for its own Acumen smart meter business. Ausgrid is also reportedly exploring acquisition of the Acumen business.
