M2 mulls bid for Lumo: report

Telecommunications group considering play for electricity and gas retailer.

M2 Group (MTU) is considering a near $300 million bid for Lumo Energy, according to The Australian Financial Review.

The company has previously indicated a desire to expand its energy business, with a possible deal for the electricity and gas retailer aiding M2 in a growing market push to bundle energy and phone deals to customers.

M2 will face competition from several energy players, with ERM Power, Alinta Energy, Origin Energy and EnergyAustralia in the mix as well, the AFR said.

Lumo owner Infratil officially put the group on market last week, offering confidential information to interested parties.

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