Wiltshire renewable provider Good Energy is poised to be acquired by a UAE-based company in a deal valuing the business at £99.4m.
In a stock market announcement on Monday, January 27, the Chippenham-based green energy provider said it had reached an agreement with the board of Esyasoft on the terms of a recommended cash offer.
The deal follows an unsolicited takeover approach by Dubai-headquartered Eysasoft, which describes itself as a smart grid technology company, last October. At the time, Good Energy said the offer price of 412p per share was "not a fair reflection" of the future growth opportunities of the business.
READ MORE: {}
Under the terms of the acquisition deal, each Good Energy shareholders will receive 490p in cash per share.
The Esyasoft Group has operations in UAE, the 海角视频, Europe and India. It was founded by Bipin Chandra in 2014 and has been a subsidiary of Sirius International Holding since 2023. Sirius is one of the principal operating subsidiaries of International Holding Company - the investment firm chaired by the son of UAE’s founder Sheikh Tahnoun bin Zayed Al Nahyan.
Good Energy was established in 1999 by Juliet Davenport as a challenger supplier to major energy companies such as British Gas. It now has 245,000 customers and has expanded to offer services including solar panel installation. It has also invested in electric vehicles and has a stake in Bristol-based EV charging app Zapmap.
Ms Davenport said on Monday the deal represented an opportunity to scale Good Energy's propositions. "[The acquisition will lead to] the decentralised and flexible clean power offering for the prosumers of the future to make a real difference to climate change."
Nigel Pocklington, chief executive of Good Energy, added: "Whilst the board remains confident in Good Energy's strategic delivery as a publicly listed company, Esyasoft's financial resources, in addition to its presence in new markets, present a significant increase in our potential."
Most Read
Mr Chandra, chief executive and founder of Esyasoft Holding, said: "What strikes us about Good Energy is how aligned it is both strategically and culturally with our own business. Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green and sustainable energy future for all.
He added: "We believe that through our strategic partnership, we can support Good Energy in accelerating delivery of its purpose and growth ambitions by realising the extensive opportunities that exist for this business both in the 海角视频 and internationally."
Good Energy said its board would recommend the offer to shareholders.
Like this story? Why not sign up to get the latest South West business news straight to your inbox.