Meridian Energy is paying 70 million dollars to buy Z Energy's electricity retail business - Flick Electric

Under the agreement, the power gentailer will take Flick's 41-thousand electricity customers and the brand.

The acquisition will increase Meridian's market share to 18 percent.

That keeps the company in its position as our fourth largest electricity retailer.

In a statement to the NZX, Meridian says the divestment by Z's Australian parent company - Ampol - is a good fit, as it evolves its strategy to focus on public, business and home EV charging.