Approved · Waiver · decided in 24 days, 18 Sept 2026
Funds managed by TPG Inc., via Perun TopCo Pty Ltd and Perun BidCo Pty Ltd, are acquiring 100% of the shares and options in Zembl Pty Ltd. Zembl is an Australian integrated energy services partner in the electricity brokerage industry for business customers. The transaction includes a rollover equity component for existing Zembl shareholders.
The acquirers, being Perun TopCo Pty Ltd and Perun BidCo Pty Ltd (the Acquirers ), which are newly incorporated entities controlled by funds managed and/or advised by affiliates of TPG Inc. ( TPG ), will acquire 100% of the shares and options currently on issue in Zembl Pty Ltd (together with its wholly owned subsidiaries, Strata Energy Services Pty Ltd and Strata Services Corporation Pty Ltd, Zembl ). Perun TopCo will acquire the shares and Perun BidCo will acquire the employee share options. The current shareholders and option holders in Zembl will be offered the opportunity to acquire shares and options in Perun TopCo such that they will hold ~40% of the shares and options in TopCo and TPG will hold ~60% of the shares and options in TopCo post-completion of the acquisition. TPG is a global alternative asset manager headquartered in the United States with $306 billion of assets under management as at 31 March 2026. TPG consists of six multi-product platforms: Capital, Growth, Impact, Real Estate, Market Solutions and TPG Angelo Gordon. TPG is listed on the NASDAQ under the ticker ‘TPG’. Zembl is an integrated energy services partner to Australian business customers. It operates in the electricity brokerage industry as an intermediary between energy customers and energy retailers and metering providers. Zembl does not itself supply energy. Zembl’s focus is business customers, across the commercial and industrial, small and medium enterprise ( SME ), strata, multisite and embedded network segments. Residential customers are not a core focus and are supported only incidentally within broader business customer relationships.